GRG Banking Co. Ltd. has signed an agreement with Bank of China and will provide the bank with cash dispensers and cash recyclers. The deal greatly improves the company’s position in China’s ATM industry market, and the relationship between the bank and GRG Banking.
GRG Banking has signed the sales contract with over 20 branches of the bank by August 31st, 2008, with the amount of 124 million RMB (pretax). The contract will take up 13.57% of the company’s operating revenue in 2008, according to GRG Banking.
Bank of China is one of China’s four state-owned commercial banks. In terms of tier one capital, it ranked the 10th among the world’s top 1,000 banks by The Banker in 2008. The new deal shows that GRG Banking’s competitive edge has been further improved.