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Diebold in 2nd big deal with China Construction Bank

September 3, 2002

BEIJING, China -- Diebold, Incorporated (NYSE: DBD) says it has signed a contract with China Construction Bank (CCB), valued at more than $12 million, to provide both cash dispensers and ATMs to CCB branches in more than 20 provinces.

This order is the second this year to be granted by CCB to Diebold, according to a news release. The first, valued at approximately $15 million, was announced in July. The July agreement includes a plan for CCB to pilot Diebold's new 3030 Bulk Cash Recycler in Shanghai. The 3030 offers the capacity to accept bulk quantities of bank notes for a deposit transaction and credit the customer account immediately.

According to Daniel Hu, managing director of Diebold Greater China Area, all of the ATMs included in the Diebold contracts are upgradable, and equipped with advanced Pentium processors.

CCB, which operates more than 13,000 branches throughout Greater China, also in July announced a $14.4 million hardware and software deal with Diebold rival NCR. 

Noting that CCB's Beijing branch has begun charging an inter-bank service fee on Dragon Cards if they are used to withdraw cash through other banks' foreign ATMs in Beijing, Hu said in the release, "This is a new direction for Chinese banks, which reflects CCB's leadership and willingness to adopt standard banking practices in line with those in other countries." (See related story China Construction Bank adds user fee to ATMs)

CCB is one of China's four large state-owned commercial banks and is listed number 364 in Fortune magazine's Global 500 ranking.

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