Ulster Bank has announced that it has purchased Easycash, the company that provides cash machines in retail outlets.

The bank would not disclose the price paid for the business.

Yesterday it said that it would retain the Easycash brand and bring its financial strength and experience to a more rapid introduction of the ATMs.

Easycash was founded by former Esat Telecom director Mr Mark Roden in 2002 and is Ireland's largest specialist ATM management services company.

It currently has more than 330 ATMs in various retail locations across Ireland, including SPAR, Mace, Centra, SuperValu, Costcutter and petrol stations such as ESSO and Texaco. In three months it reported more than €120,000 cash withdrawals. It has dispensed more than €10.5 million in cash.

Easycash shareholders include Mr Roden, Mr Mark McCloskey, Mr TJ Malone and Ms Jemma Houlihan.

Easycash and Ulster Bank had forged a strategic alliance, with the bank providing a platform for the cash machines.

Ulster Bank is the Republic's third largest bank and includes the former First Active which it purchased in January 2004. The enlarged bank has 265 branches, more than 1.4 million customers and approximately 5,100 staff throughout Ireland. Ulster Bank Group is a wholly owned subsidiary of the Royal Bank of Scotland Group.