News

Swedbank pulls out of multi-bank ATM networking plan

October 2, 2011

Swedbank, serving Sweden, Estonia, Latvia and Lithuania, has decided to pull out of a plan to establish a network of ATMs with other banks in the country by 2012, citing a lack of good offers from developers, according to ERR News, Estonian Public Broadcasting.
 
According to the article, the bank also expressed opposition to the idea, saying the quality standards for withdrawals at ATMs could actually become worse by implementing a network. Swedbank's managing director of the retail division, Ulla Ilisson, said that consolidating ATMs into one cash point could result in longer lines at some locations.

The communications director for Swedbank's Swedish rival SEB, Silver Vohu, told ERR that the bank had not yet decided whether to proceed without Swedbank, but that SEB would make a decision by next week.

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