13th Oct 2014 12:15
LONDON (Alliance News) - The Bank of England Monday said it has signed a new 10-year contract with De La Rue to print its banknotes, with the company to begin printing under the new contract in April 2015.
The news comes after the central bank last month identified De La Rue as the preferred bidder for the banknote printing contract.
"The bank has subsequently completed assurance activity on De La Rue's bid and finalised the contract. The final decision to award the contract to De La Rue was taken by the Court of the Bank of England," the Bank of England said in a statement.
The decision concludes the formal public procurement process for the printing of the bank?s banknotes which began in November 2012.
De La Rue Chairman Philip Rogerson said: "We are delighted with the Bank of England's decision to award this prestigious and important contract to De La Rue, following a rigorous selection procedure."
De La Rue shares were up 2.8% at 488.00 pence Monday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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