News

Ulster Bank buys Irish ISO

March 14, 2004

ULSTER, Ireland - Ulster Bank has bought Easycash, an independent ATM provider.

According to a report in Business World, the bank did not reveal the price it paid for the company.

The bank says it plans tol retain the Easycash brand and use its financial strength and experience to speed up the rollout of its ATMs.

Easycash, which has more than 330 ATMs in retail locations, had already forged a strategic alliance with the Ulster Bank.

In August, Easycash and Ulster Bank announced they would partner to roll out up to 400 Wincor Nixdorf ATMs in retail and non-bank locations nationwide, a project representing an investment of 5 million euros (about $5.6 million U.S.)

According to a news release announcing that deal, transactions at EasyCash-branded ATMs were increasing at a rate of more than 35 percent per month. Easycash collects no convenience fees for cash withdrawals. Easycash employed 12 people at the time of the release.

Easycash was founded by former Esat Telecom director Mark Roden in 2002; other shareholders include Mark McCloskey, TJ Malone and Jemma Houlihan.

Ulster Bank has 213 branches, 32 business centers and 414 ATMs throughout Ireland.

See related story: