Seven Bank acquires ATM unit of Global Axcess

Kyodo

Seven & i Holdings Co.’s banking unit Seven Bank said Monday it has acquired the automated teller machine business owned by Global Axcess Corp. of the United Sates for about $11 million (about ¥1.07 billion) to strengthen its ATM business in the country.

Seven Bank conducted the deal through its wholly owned U.S. subsidiary to acquire about 4,600 ATM units installed at service areas and other places, according to the major retailer’s bank.

As the U.S. subsidiary has installed about 3,000 ATM units at supermarkets and other stores, Seven Bank hopes the acquisition will help it rationalize management costs and increase customers.

The final value of the deal will be fixed after prices are adjusted for the relevant assets and liabilities relating to Global Axcess’ ATM business transferred to the U.S. subsidiary, according to the bank.