26th Nov 2007 08:45
HSBC Holdings PLC26 November 2007 UK CASH HANDLING JOINT VENTURE HSBC Bank plc today announces that it has agreed with Barclays Bank PLC to forma 50:50 joint venture to manage the UK cash handling operations of the twobanks. The joint venture has acquired the fixed assets and operations of LoomisAB's cash handling business in the UK, Loomis Cash Management (LCM). Each bankhas made an equity injection of £5 million into the new entity, which will beknown as Vaultex UK Limited. The announcement follows a statement issued by Securitas AB on 26 July that ithad signed a Heads of Terms agreement with HSBC Bank plc and Barclays Bank PLCregarding its intention to exit the cash handling services it provides the twobanks through LCM. The Heads of Terms contemplated that the exit would occurduring the fourth quarter of 2007. Note to editors HSBC Bank plcHSBC serves 15.7 million customers in the UK and employs more than 40,000 UKstaff. HSBC is Britain's most recommended big bank. HSBC Bank plc is a whollyowned subsidiary of HSBC Holdings plc, and a member of the HSBC Group. HSBCHoldings plc serves over 125 million customers worldwide through around 10,000offices in 83 countries and territories in Europe, the Asia-Pacific region, theAmericas, the Middle East and Africa. With assets of some US$2,150 billion at 30June 2007, HSBC is one of the world's largest banking and financial servicesorganisations. HSBC is marketed worldwide as 'the world's local bank'. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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