News

GRGBanking sells cash-recycling ATMs to Turkey's largest bank

April 14, 2011

GRGBanking today announced that it has signed its biggest contract to date for delivery of cash-recycling ATMs outside of Asia.

According to the agreement, GRGBanking reached a deal to sell over $35 million worth of its H68N ATMs to Ziraat Banksai, which is based in Ankara, Turkey. GRGBanking did not say the exact number of ATMs that were purchased by Ziraat Banksai, Turkey's largest bank. Turkey is considered to be located in Europe.

Ziraat Banksai, which in English means Agricultural Bank of the Republic of Turkey, held a tender for purchasing new ATMs in 2010 in order to expand its existing network, officials of GRG said.

The H68N ATM is able to make deposited banknotes again for cash recycling after validation; therefore, the machines reduce the costs associated with cash replenishment and service. The average ATM-transaction volume was very high during the field test, while the cash-management cost was reduced, company officials said.

"We strongly believe this success of GRG will make a strong influence on the acceptance of cash recycling in the Turkish financial industry," said Dr. Eduardas Vaigauskas, general manager of GRG Banking Equipment (HK) Co., Limited.

GRG Banking now has set its sights on promoting the cash-recycling technology in Eastern Europe. Officials of GRGBanking say the company is the largest ATM supplier in China and one of the 10 largest in the world.