[share]Foreign banks to expand ATM networks

[thinker521]

Dec. 5, 2006 (China Knowledge) - Foreign banks are planning to expand
their Automatic Teller Machine (ATM) networks in the Mainland, reported
China Daily on Tuesday.

The U.S.-based Citibank plans to increase the number of its ATMs on the
Mainland, from 70 to 85 by the end of this year. HSBC already having a
total of 36 ATMS in 13 major cities, plans to add another 20 ATMs.

And Standard Chartered Bank, which currently has no ATMs in China, is
planning to start building an ATM network. The bank's CEO in China,
Katherine Tsang, told China Daily that at least 20 ATMs are being
established in major cities in the next few months.

Presently, these foreign banks only allow foreign cardholders to use
the ATM facilities. As local customers are unable to access, ATMs by
these banks are so far unprofitable. However, with China's banking
industry being fully opened up by Dec. 11, foreign players are eyeing
on future business with the expansion of ATM networks.