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Seven Bank's FCTI subsidiary closes on purchase of Global Axcess ATM business

September 30, 2013

Tokyo-based Seven Bank Ltd. has announced that it has completed its purchase of the ATM business of Florida-based Global Axcess Corp. The transaction was carried out through FCTI, a wholly owned subsidiary of the Seven Bank. 

FCTI was selected as the final and conclusive acquirer of the ATM business by a decision of the U.S. bankruptcy court in Nevada. As a result of the closing of the acquisition, the relevant assets and liabilities relating to the ATM business of Global Access were transferred to FCTI.

The GAC ATM business comprises 4,600 ATM sites, 2,100 of which have been placed by Global Axcess, as well as business offices in Jacksonville, Fla., Jacksonville, Texas, and Columbia, S.C., a Seven Bank notice said. 

Immediately after the closing of the acquisition, FCTI entered into an employment agreement with each of the 39 employees engaged in the GAC ATM business as of the closing.

In a statement issued following the purchase, Seven Bank said:

We believe that the acquisition by FCTI of the ATM business owned by Global Axcess would facilitate the strengthening of FCTI's U.S. ATM business, through the achievement of a larger business scale as well as an improved cost-related competitiveness resulting from such scale expansion, the procurement of additional business sites which are necessary for the efficient operation of business, the expansion of customer base for future growth, the procurement of personnel who are familiar with the U.S. ATM industry/business, and otherwise.

Seven Bank is a subsidiary of Seven & i Holdings Co., a diversified retail group. The company also owns the 7-Eleven convenience store chain, which operates in the U.S. and 15 other countries. In October 2012, Seven Bank acquired Financial Consulting and Trading International Inc., a nationwide ATM network and service provider based in Century City, Calif.

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