Tue, 20 Apr 2010 | BUSINESS SALE
As part of RBS's continued disposal of non-core operations, it is now seeking a sale of its cash machine supplier business Hanco. An asking price has not been revealed as yet.
Potential bidders for the controversial business, which charges customers to withdraw their cash, are expected to include private equity companies.
The pay-to-use cash machines provoked anger amongst MPs, and were reviewed by the Treasury committee in 2005.
Hanco, amongst other ATM operators, have addressed the criticism by installing some free cash machines, mainly in rural areas where cash withdrawal facilities are few and far between. Hanco says it runs 1,500 free units.
RBS purchased Hanco for £80m in 2004. It operates over 7,000 automated teller machines (ATMs), and considers itself to be at the forefront of the industry.
Hanco was established in 2000, and has several high street customers including HMV, John Lewis, Booths Supermarkets and the O2.
The state-backed lender has placed several divisions on the market over the past year in an effort to win European Union approval for restructuring plans, having gained a strong advantage over other banks when it received state aid in 2008.
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