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Technology Stocks : DBD: oversold at these levels?
DBD 9.660-0.1%Jul 22 4:02 PM EDT

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To: Joseph S. Lione who wrote ()8/23/1999 11:09:00 AM
From: Shawn M. Downey   of 79
 
Diebold lands key ATM contract in China
August 20, 1999

Diebold is further tapping into the ATM market of China, considered a sleeping giant for the industry.

Diebold?s subsidiary, Diebold Pacific Ltd. has landed multimillion dollar deals to manufacture and supply ATMs to two major banks each in China and Taiwan, according to reports.

China Construction Bank has awarded Diebold Pacific a $9 million contract to install 350 full-function ATMs and cash dispensers as well as to provide service on the machines. In addition, Diebold was awarded a $1.25 million contract by Hua Nan Commercial Bank to produce 70 cash dispensers in Taiwan.

Although the new sales are considered relatively small compared to Diebold?s worldwide revenue of $1.2 billion, delving into China is significant to the company?s overall growth, said John Kristoff, a Diebold spokesman.

According to Kristoff, the orders mark the first major victory for Diebold in China since it established its new international distribution channel at the beginning of the year.

China Construction Bank plans to install the ATMs in 19 provinces throughout the country. ?Our major account strategy has been to deploy our resources in China closer to the customer than ever before,? said Daniel Hu, Diebold Pacific?s managing director in China.

The deal will also enable China Construction Bank to attain its goal of forming a network that spans 100 cities by year?s end, said Li Deran, China Construction?s vice president of information technology. Holders of China Construction?s Dragon Card will receive the same access and services in the new ATMs as they would at machines in their home cities.

Diebold has a cooperative relationship with China Construction and is now working to promote electronic finance in China as a partner of the bank. One of the five biggest banks in its country, China Construction has endeavored to participate in the competitive market by expanding its range of services and facilities accessibility to customers.

The cash dispensers to be installed by Hua Nan Commercial will utilize technology for display advertising.

Hu said the deal in Taiwan is pivotal. ?For a number of years, Diebold had been represented in Taiwan with a distribution channel, but our market share was not significant,? Hu said. ?We are finding that banks in Taiwan are welcoming us with much enthusiasm.?

The agreement includes both new installations and replacements of machines previously installed by NCR, according to reports.
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