Bank of Queensland cashes in ATM Solutions business

Bank of Queensland cashes in ATM Solutions business

Bank of Queensland is to sell its ATM Solutions Australasia business to Macquarie Bank for A$64 million, including debt and other deductions of A$22.5 million, less than two years after acquiring the operation for A$16 million.

The sale will result in a net profit of $15.5 million for Bank of Queensland. During its tenure the ATM Solutions fleet has grown from a network of 900 machines to a nationwide-estate of 2400 ATMs, the third-largest in the country.

David Liddy, BoQ managing director says the sale will free up approximately A$20 million in Tier 1 capital assigned to the business. It will also enable the business to chase other financial services clients who were "not inclined to use ATM Solutions while it is owned by us".

Under the agreement, Macquarie will maintain BOQ branding on the existing 1700 BOQ-branded ATMs and extend branding to selected additional ATMs in the future.

BOQ will also remain as transaction acquirer for ATM Solutions, at market rates, for the next five years. BOQ will remain as cash servicer and Macquarie will also pay a branding fee to BOQ for five years.

Macquarie has retained ATM Solutions founder, Tim Wildash, and appointed him CEO of the company.

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