Press Releases

Euronet Concludes Fifth European ATM Outsourcing Agreement with Citibank

August 31, 2000 at 12:00 AM EDT
Euronet Concludes Fifth European ATM Outsourcing Agreement with Citibank PRAGUE, Czech Republic — Citibank is outsourcing ATM management to Euronet Services (Nasdaq: EEFT) in the Czech Republic. Under the terms of a new five-year contract between the two companies, Euronet will install and operate Citibank-branded ATMs offering consumers the ability to perform cash withdrawals and balance inquiries. The ATMs will also accept deposits from Citibank accountholders.

The agreement in the Czech Republic, which builds on a growing relationship between Euronet and Citibank, marks the fifth country in which Citibank has chosen to outsource ATM management to Euronet. Earlier this year, Citibank contracted with Euronet to install and operate 250 ATMs in Greece under an eight-year agreement. Euronet also provides Citibank with ATM outsourcing services in Hungary, Poland, and the UK under multi-year agreements.

"To build a strong retail banking business for Citibank in the Czech Republic, it is essential to have a branded ATM network that our customers can rely on around the clock," noted David Kay, Citibank retail business manager in the Czech Republic. "We knew that Euronet provides the ATM functionality and quality of service that we require."

"Euronet’s presence in eight European countries makes our ATM services a natural choice for global banks like Citibank," added Miro Bergman, Euronet’s managing director for the EMEA region. "As more and more banks and retailers are choosing to outsource this part of their business, we’re pleased to have earned the confidence of Citibank in so many countries."

Euronet Services Inc. is a global leader in the rapidly evolving arena of electronic financial transactions and wireless connectivity for banks and retailers. The company’s software division offers a suite of integrated retail banking products that include ATM management, POS and merchant systems, credit and debit card systems, wireless banking, internet banking, and telephone banking. Euronet also operates the largest independent ATM network in Europe and the Dash network in the US, and provides ATM management outsourcing and consulting services. Through Euronet’s two financial data centers in Europe and the US, the company offers an advanced infrastructure for financial transaction processing services and connectivity to global, regional, and national electronic payment networks.