Retail banking technology and ATM services provider Electronic Payment and Services (EPS) today said it has completed acquisition of 100 per cent stake in CISB ATM Services.
EPS bought the stake from CIS Bureaus Facility Services (CISB). CISB ATM Services has now become a wholly-owned subsidiary of EPS.
In 2012, a CISB-led consortium had bagged the Finance Ministry contract to install and manage ATMs for 26 banks in the Maharashtra circle. CISB ATM Services was thereafter set up as a joint venture between CISB and EPS to execute the contract.
"This transaction brings EPS closer to our clientele, strengthens our business relationships and expands participation in higher growth segments," EPS Founder-Chairman and Managing Director Mani Mamallan said in a statement.
"The subsidiary will focus on ATM deployment and related services. We endeavour to expand our ATM services portfolio to 15,000 machines by 2017 to support banks in reaching the unbanked with our integrated and transformative portfolio of ATM services and solutions," he added.
"With the expertise and learning gained, CISB will continue to pursue growth opportunities around its core business skills and relationships with clients in the banking space," CISB Managing Director K N Pimple said.
With over 5,000 ATMs deployed across the nation, EPS also specialises in centralised ATM managed services, catering to business objectives of the banks.