Euronet to Acquire Ukranian ATMs - Analyst Blog
10 11월 2012 - 1:00AM
Zacks
Euronet Ukraine LLC – the Ukrainian arm of Euronet
Worldwide Inc. (EEFT) – announced an agreement to purchase
172 ATMs from UkrSibbank, the third largest bank in Ukraine.
Additionally, the agreement allows the bank to participate in
Euronet’s shared ATM network for 7 years.
This implies that the clients of UkrSibbank will be able to use
Euronet’s ATMs under the same terms and conditions that are
applicable while using UkrSibbank’s ATMs. Furthermore, the ATMs
being acquired are situated in off-bank locations with high
traffic, which makes these easily accessible and convenient
options.
The sharing of network is expected to significantly enhance
Euronet’s transaction volumes in Ukraine. Moreover, the deal will
ensure 100% growth in the company’s market presence in the country.
It will also expand the company’s foothold to include the five
largest cities of the country apart from Kiev, where it already
operates. Moreover, network sharing will bring down the operating
cost of the company.
UkrSibbank is a subsidiary of BNP Paribas SA
(BNPQY) – a Paris-based banking and financial services company with
worldwide operations. The agreement has further cemented Euronet’s
position as the fastest-growing Independent ATM Deployer with the
largest geographical expansion in Europe.
Euronet has market presence in 11 other European countries such
as Romania, Greece, Croatia, Poland, Germany, Czech Republic and
Bulgaria. In September 2012, the company expanded its portfolio of
Independent ATM Deployed (IAD) networks to Spain and Italy.
Further, Euronet acquired 116 ATMs from UkrSibbank in November
last year. The company is the sole operator of shared ATM network
in Ukraine. Apart from UkrSibbank, Euronet has network sharing
agreements with five other banks in Ukraine.
Euronet carries a short-term Zacks #2 Rank (Buy), which blends
well with our long-term ‘Outperform’ recommendation on the stock.
Peers MoneyGram International Inc. (MGI) and
The Western Union Company (WU) carry a Zacks #5
(short-term Strong Sell) and #3 (Hold) Rank, respectively.
(BNPQY): ETF Research Reports
EURONET WORLDWD (EEFT): Free Stock Analysis Report
MONEYGRAM INTL (MGI): Free Stock Analysis Report
WESTERN UNION (WU): Free Stock Analysis Report
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