Manulife Financial Bank seeks growth with 830 new ATMs

Manulife Financial Corp.‘s (TSE:MFC, Mkt cap 45.92B,P/E 13.47, Div/yield 0.17/2.92, EPS 1.73, Shares 1.97B) banking subsidiary has announced it will install around 830 new automated teller machines in convenience stores across Canada as it strives to take a bigger share of the country’s retail banking market.

As the Wall Street Journal reports, Manulife Bank of Canada has already begun installing the machines, which will be added to a Canadian ATM network called the Exchange Network.

The Exchange Network, which supplies machines to a host of banks and credit unions across Canada, comprises only 11 Manulife-specific automatic banking machines (ABMs) at present.

However, the move by Manulife Bank to bolster its physical presence will see the Toronto-based firm take a more impressive proportion of the Exchange Network, which allows customers of its member bank and credit unions to make surcharge-free withdrawals, deposits or PIN changes.

“This is all about offering convenient banking near where our customers live and work,” said Rick Lunny, president and chief executive of Manulife Bank.

Customers will soon see Manulife machines in Mac’s, Couche-Tard and Circle K convenience stores in Newfoundland, New Brunswick, Quebec, Ontario, Manitoba, Saskatchewan, Alberta, British Columbia and the Northwest Territories.

The installation process is expected to be completed by September, a Manulife spokeswoman said.

Andrew Obee, president & CEO of FICANEX Services, which runs the Exchange Network, said he was “thrilled” with the addition of Manulife Bank’s ABMs to the network, adding that they will bring its total number of machines to more than 3,300.

Interac continues to be the dominant network in Canada, however, with some 65,000 machines having been installed across the country.

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