Customers Asia has signed an agreement to buy an equity stake in Chinese independent ATM network operator Fintronics Holdings Company. Fintronics plans to use the investment to develop a substantial ATM network in mainland China over the next year.

Hong Kong-based Customers Asia will become Fintronics’ largest shareholder as a result of its investment. The deal is expected to be completed in December 2006. Customers Asia was set up in September 2006 with the goal of providing ATM services in Asia, especially in China. It is a joint venture between Customers Limited, an Australian ATM network operator, and investment firm FCP Brencorp.

Fintronics is listed on the Hong Kong stock exchange (code 0706) and has decided to concentrate exclusively on becoming the leading ATM independent service organization (ISO) in China. Fintronics already owns and operates an ATM ISO based in mainland China. It has more than 300 ATMs operational in China. Importantly it has a large forward order book of up to 6000 ATMs from over 20 banks to deploy ATMs. It also has established arrangements to deploy ATMs in China, including with the central switching organization China Union Pay (CUP). ( Epaynews.com )

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