US EditionGreece’s Largest Bank Sells ATM Network, Triggers New Consumer Fees
5 Articles
5 Articles
Greece’s Largest Bank Sells ATM Network, Triggers New Consumer Fees
Piraeus Bank ATM. Credit: Nikos Ligomitros CC0 Piraeus Bank has entered into an agreement to transfer ownership of its off-site ATMs to Cashflex, a company in which Printec Group holds an 80 percent stake. Founded in Athens, Printec is now one of the leading providers of business-to-customer transaction technologies across Central and Eastern Europe. The deal encompasses around 850 ATMs located outside the bank’s physical branches at sites such …
Piraeus Bank sold 850 of its ATMs, located outside of bank branches in the Printec group, to the company Cashflex, which can charge for transactions that were previously free. If a customer of the bank in question makes a withdrawal at one of the 850 ATMs in question, a commission of 2.1 euros will be charged, of which 1.5 euros are divided between the company, Cashflex, which bought the ATMs from Piraeus, and 0.6 euros by the bank. At the same …
Cash withdrawals from hundreds of ATMs, which were previously free of charge, are now charged more than two euros per transaction. The reason is the sale to a private company by Piraeus Bank of the points that owned 850 ATMs. This is a business decision that essentially significantly increases the number of what we call private ATMs, that is, machines that no longer bear the logo of one of the four systemic banks, and their total number after th…
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