ICICI bank considering to spin off ATMs: report

ICICI bank considering to spin off ATMs: report
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First Published: Wed, Mar 18 2009. 10 27 AM IST
Updated: Wed, Mar 18 2009. 10 27 AM IST
Mumbai: Indian private sector lender ICICI Bank is considering spinning off its automated teller machines (ATM) and terminals, which accept credit and debit card payments, the Economic Times said on Wednesday.
The bank has sought bids from banking technology companies and private equity players for participating in a new entity that will manage the business, the newspaper said, citing unnamed sources.
It said Visa, Total System Services, First Data Corp and a joint venture between Blackstone and CMS Computers besides some private equity investors have shown interest in partnering ICICI Bank.
The bank has more than 4,000 ATMs and more than 200,000 point-of-sale terminals, it said.
A spokesman for the bank declined comment on the report.
“Banks should look at deals like this since ATM management is not really a core-banking activity,” Mani Mamallan, chief marketing officer of C-Edge, a joint venture between State Bank and Tata Consultancy, told the paper.
A separate unit, which specialises in installing and managing ATMs, will be able to deploy new machines at a much faster rate, the paper said.
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First Published: Wed, Mar 18 2009. 10 27 AM IST
More Topics: ICICI Bank | ATM | Credit card | Bids | Visa |