Bank One is to spend more than $55 million this year on opening 30 new branches and replacing 550 ATMs in its headquarter city, Chicago.
The bank says it will also add about 50 new off-site ATMs in the area over the next two years.
The new investment continues plans begun in 2003 to expand the bank's Chicago area branches and replace its network of ATMs in the city. In 2003, Bank One invested more than $30 million in adding and refurbishing branches and ATMs.
Bank One says most of the new branches will be in areas with high levels of foot traffic, such as shopping centres. Charles Scharf, CEO of retail for Bank One, says: "Our storefront branches allow us to offer a full level of banking services in locations where people already are walking around shopping or running errands."
The additions will bring the bank's total number of branches in the Chicago area to 250 by the end of 2004 and the number of ATMs to 1150 by the end of 2005.