News

Scotiabank to grow ATM network by 20% with Shell Canada deal

September 14, 2003

TORONTO - Bank of Nova Scotia will install 500 ATMs at Shell convenience stores across Canada, including 62 in the Greater Toronto Area.

According to a report the Toronto Star, the recently announced deal will increase Scotiabank's network of ATMs by 20 percent for a total of 2,700 by next spring. This will make it the third largest network in Canada, behind Royal Bank of Canada and CIBC.

Scotiabank's move could slow a trend that has seen the percentage of bank-owned ATMs drop to 41 percent in 2002 from 76 percent in 1994, due to a sharp rise in the number of so-called white label or non-bank ATMs, according to statistics from the Canadian Bankers Association.

Shell Canada, with just 300 ATMs, including 70 from Scotiabank, at its 1,838 stations across Canada, saw a need for more machines, according to the Toronto Star. In most stations controlled by Shell Canada, ATMs provided by other financial institutions and white label cash machines will be replaced by Scotiabank machines.

Scotiabank has installed about 100 of the new machines since June, and expects to roll out the rest by March.

Robert Rossatelli, Scotiabank's vice-president of self-service banking, said the bank isn't expecting to lure new customers with the ATMs. "It's about better service for existing customers," he said.