31st Oct 2019 10:50
(Alliance News) - Capita PLC said Thursday it has renewed its contract with Co-operative Bank PLC to run its mortgage servicing operation in the UK and support the bank's effort to become more digital.
The outsourcing & professional services company said the renewed contract, which begins on November 1, is worth GBP141 million over six years, GBP107 million of which is incremental to Capita's current contract with the bank.
Capita said its existing contract with Co-operative Bank for the mortgage servicing operation was signed in August 2015 and was due to conclude in 2020.
The scope of the renewed contract includes Capita continuing to run a full range of mortgage services - from initial enquiry and application, all the way through to mortgage maturity.
Capita said it will also be working alongside a third party to implement an IT platform.
Jon Lewis, chief executive officer of Capita, said: "This is testament to a new Capita, which is working more collaboratively with its clients, and is strongly aligned to the bank's values as responsible business."
Andrew Bester, chief executive officer of the Co-operative Bank, said: "The service Capita provides our customers is a key element of our success in a competitive market, and we are delighted to be renewing our partnership."
Capita shares were down 0.8% in London at 158.15 pence each on Thursday.
By Loreta Juodagalvyte; [email protected]
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