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OKI enters Indian market

January 30, 2014

With the delivery this week of an order of ATM-Recycler G7s to the State Bank of India, Japanese manufacturer OKI has achieved its stated objective of entering India's booming ATM market. 

"[O]ne of [our] most important management strategies is to develop new overseas markets for OKI's ATMs," said Shinya Kamagami, SVP and GM of OKI Systems hardware business division. "The delivery of ATM-Recycler G7 to SBI is a solid step in line with this strategy."

The Indian delivery follows the recent installation of OKI's first ATMs in Russia and Indonesia. The company already owns the top share of cash-recycling ATMs in the Japanese and Chinese markets.

OKI has also set its sights on Brazil. In May 2013, the company announced a planned share purchase of the Itautec ATM business in Brazil, including banking, retail automation and services.

OKI recently concluded that deal and now owns a 70 percent stake in the company established through the Itautec company split. The new company, OKI Brasil S.A, started operations on Jan. 10 as part of the OKI Group.

"We are pleased to have completed the agreement with Itautec," said OKI president Hideichi Kawasaki. "I am confident that the OKI-nurtured ATM business will continue to expand in Latin America by capitalizing on strengths of both companies."

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