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United Kingdom : LLOYDS BANK bags contract to provide banking services to SLOUGH BOROUGH COUNCIL

August 16, 2014

Lloyds Bank Commercial Banking declared that it has won a contract to deliver banking services to Slough Borough Council, after a competitive tender process.

The agreement is for an initial period of seven years and also includes an option to renew for a further three years.

The contract will also see the bank offering services to five other local authorities.

Following the Co-operative Bank announced it was pulling out of the local authority market, the contract was announced.

In early 2014, Slough Borough Council, Southampton City Council, New Forest District Council, Purbeck District Council, Reading Borough Council and Test Valley Borough Council joined together to search for a new banking partner.

The collaborative approach to sharing banking services is said to offer significant cost savings and efficiencies. Each local authority becomes a client of Lloyds Bank but has a separate banking contract.

The priority from the outset was to achieve the best value for money for the council tax payer and to select a partner that understands the requirements and demands faced by local authority partners, particularly in the current climate, said Joseph Holmes, assistant director for finance and audit at Slough Borough Council.

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Source: TendersInfo (India)

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