Loomis signs a Cash Management Services (CMS) contract with one of the leading financial institutions in the US
ET | Source:Loomis AB
Loomis AB’s subsidiary in the US has entered into an agreement with Bank of
America to manage its cash processing and check imaging services in
approximately 30 locations in the US.
The appointment means that a portion of the bank’s notes and coins will be
processed in Loomis’ current branches. The transition of work to existing Loomis
branches will commence in the third quarter of 2014 and is expected to be fully
integrated during the first quarter of 2016. When fully integrated, the annual
revenue for the agreement is expected to be approximately USD 20 million. The
agreement is the single largest CMS contract signed by Loomis in the US.
“The contract shows that our focus on quality services and investments in modern
facilities in the US continue to pay off. Our CMS share of total revenue in the
US will be approximately one third as a result of the contract, and we are
optimistic that the outsourcing trend in the US will continue”, says Jarl
Dahlfors, President and CEO of Loomis AB.
Loomis’ ambition is to continue to promote increased CMS outsourcing in the US.
The current nationwide infrastructure combined with recent investments in modern
CMS facilities provides sufficient capacity for further growth.
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