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OKI Enters the Indian ATM Market

Delivers cash-recycling ATM-Recycler G7 to State Bank of India, the largest bank in India


OKI's ATM-Recycler G7 installed
at SBI Vakola branch in Mumbai

TOKYO, January 27, 2014 -- OKI (TOKYO: 6703) today announced the delivery of cash-recycling ATMs, ATM-Recycler G7, to State Bank of India (hereinafter referred to as SBI), the largest bank in India. This marks OKI's first delivery of its cash-recycling ATM in India.

Founded in 1806, SBI is a government-owned corporation with its headquarters in Mumbai and is the only Indian bank listed in Fortune Global 500 with assets of US$388 billion (As of December 2013), making it the largest bank in India by assets.

The SBI Group currently operates approximately 39,000 units of ATMs and CDs (cash dispensers). Committed to utmost customer satisfaction, SBI is enhancing services and customer convenience through various channels including the Internet and mobile. SBI ran a live field trial of OKI's ATM-Recycling G7 and evaluated its high-reliability and future expandability to recycling functions, which led to considering and subsequently installing these units.

Convenient banking service and efficient bank operations are key to enhancing customer satisfaction through ATMs which is one of the touch points with the customers. The capacity of the ATM-Recycling G7, which was more than 35% higher than any other cash-recycling ATMs in the Indian market along with the highly reliable performance, was a big driver to consider deploying them.

"Under the Mid-term Business Plan 2016 announced on November 12, 2013, one of most important management strategies is to develop new overseas markets for OKI's ATMs," says Shinya Kamagami, Senior Vice President and General Manager of OKI's Systems Hardware Business Division. "The delivery of ATM-Recycler G7 to SBI is a solid step in line with this strategy. It follows installations in Russia and Indonesia, in addition to Japan and China where OKI already has strong track records Moreover, in May 2013, OKI announced an expansion into the Brazilian ATM market. Moving forward, OKI plans to further expand its ATM business which will enforce OKI's future growth."

The number of ATMs and CDs operating in India reached140,000 units in 2013, making it the third largest market in Asia, following China and Japan. The number is expected to continue increasing and approximately double by 2016 due to the Financial Inclusion(*1) set by the Reserve Bank of India. Building on the delivery to SBI and leveraging cash-recycling ATMs that contribute to banknote and operation management, OKI aims for 25% share in unit shipments of the Indian ATM market.

Designed as a strategic model for the global market, OKI's ATM-Recycler G7, has gained strong track records since its availability in 2010, for instance, in China where its has achieved top share of cash-recycling ATM. A single ATM-Recycler G7 handles 128 banknote denominations of multiple currencies and uses deposited banknotes for withdrawals, leveraging its cash-recycling function to reduce banknote management and operational costs compared to cash dispensers and non-cash-recycling ATMs.

Capitalizing on the achievement made in the Indian market, OKI plans to accelerate global sales development of its ATMs and aims for 40% market share in the global cash-recycling ATM market, namely in emerging markets, where economic growth is expected to continue.

Glossary

  • *1 : Financial Inclusion is a policy that delivers banking services to vast sections of Indian society equally, regardless of district of residence or income.

About State Bank of India (SBI Group)

State Bank of India, with a 200 year history, is the largest commercial bank in India in terms of assets, deposits, profits, branches, customers and employees. The Government of India is the single largest shareholder with 61.58% ownership. SBI is ranked 60th in the list of Top 1000 Banks in the world by "The Banker" in July 2012. The SBI Group consists of SBI and five associate banks with an extensive network of over 20,000 plus branches in India and another 173 offices in 34 countries across the world.

About OKI Electric Industry (OKI)

Founded in 1881, OKI Electric Industry is Japan's leading telecommunications manufacturer in the Info-telecom field. Headquartered in Tokyo, Japan, OKI provides top-quality products, technologies, and solutions to customers through its info-telecom systems, such as IP-PBX and call center systems, and printer operations. As a leader in ATMs, OKI holds the top share in the Japanese and Chinese cash-recycling ATM markets. Visit OKI's global website at http://www.oki.com/.

  • The names of the companies and products mentioned in this document are the trademarks or registered trademarks of the respective companies and organizations.
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  • * Information in the press releases is current on the date of the press announcement, but is subject to change without prior notice.

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