STRATEGIC PARTNERS
November 20, 2001
SHANGHAI -- NCRwill provide several of its Personas ATMs, plus the software and support to run them, to the Shanghai-based Bank of Communication in a deal worth U.S. $11 million.
The bank has been an ATM customer of NCR for a number of years, according to Albert Tsang, vice president of NCR's Financial Solutions division for the Greater China area.
Just three months ago, NCR inked a similar deal with Bank of China that totaled $13 million. NCR also recently sold ATMs to Agricultural Bank of China and Men Sheng Bank. To keep up with the pace of business growth in China, NCR said it plans to open an office in Xian and extend service to the northwestern part of the country.
Following China's entry into World Trade Organization (WTO), tariffs on industrial products will fall to below 10 percent by 2005, and to zero on computers and other high-tech products. Import quotas will be phased out. Foreign banks will be allowed to offer loans, insurers will be able to sell nationwide, and retailers will be able to distribute goods.
"With China's impending entry into the World Trade Organization (WTO), fierce competition is inevitable," Tsang said. "In response to China's open policy and in order to take advantage of the multiple business opportunities brought on by entry into the WTO, we expect further expansion into China."
