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ABE is set to invite suppliers to set up 1200 ATMs nationwide

Thursday 01 November 2018 07:28 PM


By Sayed Badr 
The Agricultural Bank of Egypt is poised to invite suppliers to set up Automated Teller Machines ( ATMs) at all its branches nationwide in a tender slated for early next year. 
"Studies conducted by ABE have concluded that installing ATMs in return for stakes in operations will be more feasible than options ranging from purchasing the machines or offering them on a leasing basis," said deputy chairman of ABE Tamer Gomaa, releasing  back in March estimates suggesting ATMs cost over EGP300mln.  
ABE also seeks to revamp its branch network via tenders for upgrading and equipping branches  with  technological system linking branches nationwide.  
With 1200 branches spread nationwide, the largest in Egypt, ABE is reeling from accumulating losses and loan defaults which have undermined its operations. 
ABE unveiled a restructuring scheme three years ago with a hope that studies finalized by  consulting companies of Rabo Bank, Mac Milan, and Earnest & Young will help specify its needs in the upcoming period.   
ABE's latest general assembly approved EGP450mln profits for the fiscal year 2017/2018, the first to be posted by the state-owned bank in the past ten years.