Bank of Ireland sells 700 ATMs to Euronet for €20m

People relying more heavily on cashless payments since the outbreak of coronavirus

The rate of cash withdrawals from ATMs in Ireland and internationally has slumped since the Covid-19 crisis erupted last March. File photograph: The Irish Times

The rate of cash withdrawals from ATMs in Ireland and internationally has slumped since the Covid-19 crisis erupted last March. File photograph: The Irish Times

 

Bank of Ireland has completed the sale of its 700 non-branch ATMs in the Republic to US-based electronic payment services group Euronet for an estimated €20 million.

The bank said the sale, which was under way earlier this year, had gone through. A spokesman declined to comment on the value of the deal.

The rate of cash withdrawals from ATMs in Ireland and internationally has slumped since the Covid-19 crisis erupted last March, as consumers relied more heavily on cashless payments.

Bank of Ireland will retain ownership of its 750 machines in its branches. Euronet has agreed not to raise withdrawal fees, levied at 25 cent per transaction, for at least three years. Euronet acquired 400 ATMs from Ulster Bank two years ago.

“The sale allows Bank of Ireland to focus on its own branch network and to continue to invest in those services and in its digital channels,” said the lender.

Earlier this year, AIB sold its network of more than 500 non-branch ATMs in the Republic to Brink’s, marking the global cash management giant’s entry into this segment of the market in the State.

AIB has retained about 200 branch ATMs as well as 430 cash and cheque lodgment machines, of which 213 have the ability to dispense cash.

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