Securitas takes over responsibility for 40 percent of the UK's cash processing
A new company will be formed, Securitas Cash Management Limited, which will be 75 percent owned by Securitas, with Barclays and HSBC each holding 12.5 percent.
The banks' 19 cash centers, which process over GBP 100 billion per annum, will be combined with Securitas' 10 cash centers. Securitas Cash Management Limited will also be responsible for arranging both banks' settlement with the central bank.
By combining the expertise and resources of three of the UK's major cash service providers, Securitas Cash Management Limited will be well placed to develop more efficient cash management practices and invest to meet the future needs of its customers.
Subject to regulatory approval, the new company is expected to become operational in early May 2001. The contracts it will enter into with Barclays, HSBC and Securitas will result in additional annual sales of more than MGBP 41 (MSEK 574).
This is an important new step in Securitas' cash management strategy, and follows the successful build-up of cash transportation and ATM-related business across Europe. This venture, together with the existing Cash Handling Services operation in UK, will become the largest and the most refined business in Securitas' Cash Handling Services division.
Securitas' Cash Handling Services division achieved sales of approximately MSEK 4,000 across 15 countries in Europe in 2000. Securitas Cash Management Limited will become an important platform for the successful export of this concept to other countries.