HOUSTON, April 22, 2014 (GLOBE NEWSWIRE) -- Cardtronics Canada, Ltd. and CIBC (TSX:CM) (NYSE:CM) have formed a new ATM branding relationship, through which CIBC clients can access their cash fee-free at over 100 retail ATMs at Pioneer Energy locations throughout Ontario. CIBC is a leading North American financial institution with $401 billion in assets and nearly 11 million personal banking and business clients. Pioneer Energy is Canada's third largest independent fuel retailer by volume, with more than 140 Pioneer-branded locations. Cardtronics Canada is a subsidiary of Cardtronics, Inc. (Nasdaq:CATM), the world's largest retail ATM owner.
Expanded Retailer Relationship
The newly branded ATMs are part of a growing relationship between Cardtronics and Pioneer Energy. Cardtronics previously provided ATM processing services for the petroleum retailer. With the expansion of this relationship, Cardtronics will become Pioneer's exclusive, full-service ATM provider, with rights for future Pioneer Energy locations. The company will provide a complete equipment refresh, replacing ATMs operated by Pioneer Energy with machines owned and operated by Cardtronics.Anthony DiMaulo, vice president, Marketing & Merchandising, for Pioneer Energy, said: "Providing a convenient, fee-free, cash access service is part of Pioneer Energy's overall commitment to deliver the products and services that our busy customers want most. Building on our relationship with Cardtronics will help produce additional value-added services from these machines in a cost-effective way, and help us to continue to be market leaders in Canada. The CIBC branding will enhance our customers' experience at these locations. Pioneer Energy is continually evolving the gas/convenience experience, looking for optimal solutions that will address everything from the challenges of a highly competitive market to the increasing demands and opportunities inherent in satisfying the needs of the time-pressured consumer." Rick Updyke, president of Cardtronics' North America Business Group, said: "These agreements in Canada demonstrate the global potential of the bank branding model Cardtronics has refined in the U.S. for more than a decade. By connecting CIBC and Pioneer, Cardtronics is helping CIBC provide greater accessibility for its clients, enabling them to take care of their everyday banking needs in convenient locations where they're stopping anyway. And in securing this branding partner fit for Pioneer, we're improving the shopping experience for Pioneer Energy customers and giving them more reasons to choose Pioneer locations for their convenience and fuel needs."
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts