CB Bank to Double the Size of its ATM Network in 2017
By Kyaw Hsu Mon 20 January 2017
RANGOON — The locally-owned Co-Operative Bank Limited (CB Bank) plans to double its network of ATM machines in 2017, it announced on Friday.
CB Bank will purchase both ATM machines and customer self-service machines from the company Diebold Nixdorf, which operates in North Canton, Ohio, United States and in Paderborn, Germany. Diebold Nixdorf has signed an extensive contract to provide the associated computer systems, software, and services.
“We’ve set a fiscal yearly target to extend our service network,” said U Zeyar Kyaw, CB Bank’s general manager. “Our target is to install 850 ATM machines by the end of March. So far, we’ve installed 550 new machines across the country.”
On top of the 850 machines being installed now, the bank says it will add an additional 500 machines during the next fiscal year, 2017-18.
“We will install more customer self-service functions in our ATM machines which will make them easier to use,” he said.
The multi-function ATM machines will allow customers to perform withdrawals and deposits when the bank offices are closed.
“We’re testing some of the new multi-function ATMs in Yangon right now, but we still have fewer than 10 of them,” said U Zeyar Kyaw. “We plan to expand the number of these machines within the year.”
In recent months, Diebold Nixdorf has assisted CB Bank in adapting all of its existing ATMs to use the more secure EMV chip card technology. CB Bank has received EMV certification from both VISA and MasterCard, the bank announced.
EMV is a technical standard for smart payment cards that was introduced jointly by Europay, Mastercard, and VISA.
“Diebold Nixdorf was awarded the contract due to its superior product quality, flexible software, and ability to offer field service for both hardware and software within the country,” said CB Bank CEO U Kyaw Lynn in a statement.
“With the help of their advanced technology and services, we aim to become one of Myanmar’s top banks—offering secure, innovative, and convenient cash services across our branch, online, and mobile channels,” he added.
Going forward, Diebold Nixdorf will service the full network of 1,000-plus CB Bank cash systems in its 180 branches.
“Together with our local partner, we are enabling CB Bank to extend the reach of its self-service offerings and win a greater share of Myanmar’s growing market for cash services,” said Neil Emerson, Diebold Nixdorf’s senior vice president.
CB bank was first established in 1992. It is owned by U Khin Maung Aye, who was close to the former U Thein Sein government.