Loomis US signs a cash management services contract with Bank of America
Loomis 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.