GUANGZHOU, China — GRG Banking Equipment Co. Ltd. has signed an agreement with GCS (Global Cash Services Pty, Ltd.) to form a new joint venture --GRG Banking International Co., Ltd (GRGBI) is to be established.
GRGBI will play an important role in GRG Banking’s international market business expansion and provide specialized expertise for its prospective development. GRGBI’s investment sources are from the two parties: GRG and GCS. The establishment of the new company is to improve GRG’s efficiency of cost management and building international brand with the right partner.
GRG Banking is a leading player in financial self-service industry in China and continues a 30 percentage annual increase since its foundation in 1999. However, GRG Banking is confronted with challenges in the pursuit of further internationalized development. GCS is a business-consulting firm aims to work with various companies from a wide range of industries, including ATM manufacturing, processing and payments. “Our associates have worked at many levels in both existing and developing markets in more than 20 countries around the world,” said Jeff Barrow, President of GCS. In view of its experience in North America and European market, GRG Banking has chosen GCS as an ideal partner.
GCS is working with GRG Banking to improve GRG Banking’s U.S ATM sales and pioneering more prospect markets. The establishment of GRGBI is a win-win case for both companies to attain their goals based on mutual understanding and it marks GRG Banking’s attempt on brand selling strategy globally. The cooperation between GRG Banking and GCS has started from February 2008 when they attended ATMIA conference in New Orleans together. At that time, in GRG Banking’s booth GCS introduced GRG Banking’s model H22 and H22L which attracted great attention. In April, the two companies signed official contracts and agreed to establish the new joint venture GRGBI.
For GRG Banking, such cooperation is significant in many aspects. Firstly, it speeds up the expansion to international market and will reshape GRG Banking’s global presence in North America, Britain and Australia etc. Secondly, one mission of GRGBI is to strengthen GRG Banking’s international brand awareness so that GRG Banking’s global competitiveness can be increased. Thirdly, based on GCS’s diversified experience and suggestion from GCS technical expertise, GRG Banking will accumulate much internationalizing experience, control and improve its cost more efficiently. In the near future, GRG Banking brand awareness will be widely known in the international market and leader in the Self Service Terminal not only in China, but globally.