Yes Bank, First Data partner in India for ATM network
Mumbai, India, July 10, 2009 - YES BANK, India's new age private sector bank, and First Data, a global leader in electronic commerce and payment processing services, today signed a Memorandum of Understanding (MoU) for an innovative ATM deployment programme. In this strategic collaboration, First Data and YES BANK will jointly establish a widespread network of Automated Teller Machines (ATMs) across various cities in India. This initiative will introduce the concept of 'Convenience ATMs' to the Indian market, and help to expand significantly the availability of ATMs to YES BANK customers and to cardholders of other banks. The emphasis will be on providing ATMs at the most convenient locations for the Indian debit cardholder, enhancing the usage and sharing of ATMs.
Under the terms of this MoU, First Data will leverage its extensive ATM capabilities to support YES BANK in identifying new ATM locations and delivering installation and field management services including 24x7 monitoring and vendor management. The initiative will reinforce YES BANK's strategy of expanding its ATM network in high-density consumer locations such as shopping malls and restaurants and in high street business locations.
Announcing this strategic development, Mr. Rana Kapoor, founder/managing director and CEO of YES BANK said, "The collaboration between YES BANK and First Data is unique and significant in the Indian banking landscape. It is also a significant step forward in meeting the Indian regulators' mandate to provide convenient ATM access to bank customers across India. We are delighted that First Data, as a global leader in ATM deployment and management, has partnered with YES BANK on this important initiative."
Mr Kapoor continued, "Our collaboration reflects YES BANK's customer-centric focus and our commitment to revolutionizing the traditional Indian banking experience by bringing the most convenient and high quality services to our customers. This development is truly innovative in terms of size, scale and business model and will deliver tremendous value to our customers across the country. This rollout is in line with YES BANK's ATM expansion strategy - the Bank sees an opportunity to expand its network to 500 ATMs by 2010, 1,500 by 2012 and, over 3,000 ATMs by 2015. This will be fully in line with YES BANK's branch banking rollout strategy to achieve 250 branches by end 2010, 400 branches by 2012 and 750 branches by 2015."
"This pioneering arrangement in India results from First Data's increased focus on growing its ATM business in new markets," said Nigel Lee, senior vice president of First Data in Asia Pacific. "We have decades of experience in delivering reliable and technologically advanced payment solutions on behalf of customers in the banking and retail sectors. We are delighted to be working with YES BANK and playing a pivotal role in driving service improvements for cardholders."
The pilot phase of the programme will begin in August 2009 in Mumbai and Delhi, followed by other cities across India. YES BANK currently has 117 fully operational branches and 93 offsite ATMs across 92 locations in the country, as well as two national operating centres in Mumbai and Gurgaon.
About YES BANK
YES BANK, India's new age private sector bank, is the outcome of the professional and entrepreneurial commitment of its founder, Rana Kapoor and its top management team, to establish a high quality, customer centric, service driven, private Indian bank catering to an emerging India. YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers. A key strength and differentiating feature of YES BANK is its knowledge driven approach to banking, and a superior customer experience for its retail, corporate and emerging corporate banking clients.
About First Data
First Data powers the global economy by making it easy, fast and secure for people and businesses to buy goods and services using virtually any form of electronic payment. Whether the choice of payment is a gift card, a credit or debit card or a check, First Data securely processes the transaction and harnesses the power of the data to deliver intelligence and insight for millions of merchant locations and thousands of card issuers in 36 countries. For more information, visit www.firstdata.com .
Source: Company press release.
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