NAB agrees with Cuscal to expand ATM network

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National Australia BankNational Australia Bank Ltd (NAB) has secured an agreement with Cuscal to expand its network of automatic teller machines (ATMs) for an undisclosed price.

Under the agreement the combined ATM network will have 3,100 ATMs and display Cuscal’s rediATM logo, NAB said in a statement.

Cuscal, the developer of the rediATM sub-network, is combining its 1,400 ATMs with NAB’s 1,700 ATMs.

All NAB-owned ATMs will carry the NAB logo, the bank said.

Cuscal’s managing director Craig Kennedy said the move would boost competition in the retail banking space as customers of rediATMs are not charged a fee for transactions.

About seven million Australians will have dramatically improved access to ATM banking free of direct charge, NAB said.

NAB’s group executive of personal banking Lisa Gray said the combined network would be one of the largest in Australia.

“As we stated in our strategy update in March, Personal Banking is an area where NAB will continue to invest,” she said.

“This deal demonstrates that commitment and provides customers with greater choice and fair value for services.”

The agreement is subject to regulatory approvals which NAB anticipates will be received over the next few months.

After acquiring BankWest last year, CBA’s network is the largest of the big four banks with over 4,000 ATMs.

AAP

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