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Oriental, Sharenet undertake major ATM fleet expansion in Puerto Rico

The addition of 85 newly branded units will increase Oriental Bank's ATM footprint on the island by 30 percent.

April 28, 2015

Oriental Bank, a subsidiary of OFG Bancorp, and New York-based Sharenet ATMs have partnered to expand the bank's ATM footprint by nearly 30 percent.

With the addition of 85 new Sharenet-owned and -operated ATMs on the island, Oriental Bank customers will now have a total of 332 surcharge locations available to them.

"The expansion is another step forward in Oriental's strategy to lead Puerto Rico with the most extensive, most convenient array of technology enhanced services," said José Rafael Fernández, president and CEO of Oriental and OFG Bancorp, in a company press release.

Through its ATM participation program, Sharenet handles all purchasing, maintenance, balancing, communications, regulatory compliance and other concerns for the newly branded ATMs.

"It's a terrific deal for the bank's customers, who will be able to access numerous high-profile locations free of charge," said Carlos L. Pérez, Puerto Rico-based sales director with Sharenet. "Plus by using Sharenet, Oriental bank is saving approximately 65 percent off their transaction costs."

According to Oriental's market research, almost 80 percent of Puerto Rico's population use ATMs and 40 percent count ATM proximity and convenience as primary factors in selecting a bank.