Electronic Payment And Services (EPS) has acquired 100% stake in CISB ATM Services from CIS Bureaus Facility Services (CISB), thereby making it a wholly-owned subsidiary of EPS.

The CISB-led consortium bagged the Ministry of Finance contract in 2012 to install and manage ATMs for 26 banks across Maharashtra Circle.

CISB ATM Services was thereafter set up as a joint venture between CISB and EPS to execute the contract.

EPS founder, chairman & managing director Mani Mamallan said: "This transaction brings EPS closer to our clientele, strengthens our business relationships and expands its participation in higher growth segments.

"The subsidiary will focus on ATM deployment and related services and we endeavour to expand our ATM services portfolio to 15,000 machines by 2017 to support banks in reaching the unbanked with our fully integrated and transformative portfolio of ATM services and solutions. This strategic decision opens doors for fresh business objectives, newer initiatives and innovative payment solutions thus catering to expanding banking needs on a national level," he added.

CISB managing director K. N. Pimple said: "The Ministry of Finance contract for ATM deployment in Maharashtra cluster is quite prestigious and the successful completion of the contract is remarkable. With the expertise and learning gained, CISB will continue to pursue growth opportunities around its core business skills and relationships with clients in the banking space. Going ahead, clients would prefer service providers offering cohesive, broad-based services and CISB would now be well-positioned to cater and deliver strategic value to such discerning clients."