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A host of foreign banks are preparing to establish or expand their automatic teller machine (ATM) networks to tap into the huge opportunities offered by the opening of China's banking sector.

 

US financial giant Citibank plans to increase the number of its ATMs on the Chinese mainland to 85 by the end of this year.

 

As part of its expansion, Citibank has teamed up with 7-Eleven licensee Guangdong Saiyi Convenience Stores Ltd to install ATMs in selected 7-Eleven stores across southern China.

 

Since the cooperation deal was signed in early October, Citibank has opened a further 15 ATMs, bringing its total to 70.

 

Meanwhile, HSBC has added a further 20 ATMs to its China network, giving it a total of 56 in 13 major cities by October, with many of these located in five-star hotels, airports and major shopping centers.

 

"The bank is talking with more merchants and hotels to expand its ATM network, and more facilities are expected to open soon," said the bank.

 

Standard Chartered Bank, which currently has no ATMs in China, is planning to start building an ATM network. "We are going to set up at least 20 ATMs in major cities in the next few months," said Katherine Tsang, the lender's China CEO.

 

Foreign banks are investing in their ATM networks with an eye on future business prospects.

 

At present, only the banks' foreign cardholders can use the facilities, while local customers are unable to get access.

 

This means that ATMs operated by foreign banks in China have so far been unprofitable.

 

According to an official from Hang Seng Bank, the monthly business volume of the ATM at its Shanghai sub-branch is about 1.5 million yuan (US$189,000), while the bank's monthly income from it is a paltry several thousand yuan.

 

The average monthly operating cost for an ATM is around 500,000 yuan (US$63,000).

 

"The business will be much better when local customers can use our ATMs after China fully opens its retail banking sector from December 11," explained Lee Ah-Boon, country business manager for Citibank China.

 

Under the new regulations on foreign banks, which will take effect next Monday, those who incorporate locally can provide renminbi services and issue bank cards to individual Chinese customers without geographic limitations.

 

And according to the China Banking Regulatory Commission, the approval process will take one to three months. "We need to get ready for business," Lee said.

 

Citibank and HSBC have signed agreements to become members of China UnionPay, the country's sole bankcard transactions operator.

 

When overseas banks are allowed to offer renminbi retail business, China UnionPay cardholders can also withdraw cash from their ATMs.

 

Lee added that the expansion of ATMs will also help its overseas customers who travel to or work in China.

 

The banks are also using ATMs to promote their brands and services.

 

They are competing to enter the most prosperous commercial areas, regardless of the high costs.

 

In Beijing's Oriental Plaza shopping mall, there are ATMs from a host of overseas lenders such as HSBC, Citibank, Hang Seng Bank and Bank of East Asia.

 

"The ATM is part of branding," Lee said, "many companies are using billboards, but we use ATMs."

 

(China Daily December 5, 2006)