Ulster Bank buys out Easycash
ULSTER Bank Ireland has acquired Easycash (Ireland) for an undisclosed cash consideration. Easycash, which is Ireland's largest specialist ATM provider, has been in a strategic partnership with Ulster Bank since August 2003 when Ulster first became involved as the ATM host for the company.
The company specialises in placing ATM machines in convenience stores which are maintained by the store-keepers for a small transaction fee.
The latest deal sees Ulster acquiring 100pc of the equity in Easycash from its shareholders Mark Roden, Mark McCloskey, TJ Malone and Jemma Houlihan. Easycash (Ireland) was founded by Mark Roden in January 2002.
Mr Roden was formerly a director of Esat Telecom. The company has successfully deployed more than 330 ATMs in various retail locations across Ireland, including Spar, Mace, Centra, Supervalu, Costcutter and petrol stations, such as Esso and Texaco. Backing Mr Roden were fellow directors Mark McCloskey, TJ Malone and Jemma Houlihan.
The acquisition is an important step in expanding the choice, service and ATM convenience that Ulster Bank provides to the consumer. The combination of Ulster Bank's financial strength and experience with Easycash's innovation will enable a more rapid roll-out of the new Easycash ATM programme.
Ulster, a wholly-owned subsidiary of the Royal Bank of Scotland Group, is the largest bank in Northern Ireland and the third largest banking group in the Republic of Ireland.
Following the acquisition of First Active in January 2004, the enlarged Ulster Bank Group now consists of 265 branches, more than 1.4 million customers and about 5,100 staff throughout Ireland.