Loomis signs a Cash Management Services (CMS) contract with one of the leading financial institutions in the US
Loomis AB’s subsidiary in the US has entered into an agreement with Bank of America to manage its cash processing and check imaging services in approximately 30 locations in the US. The appointment means that a portion of the bank’s notes and coins will be processed in Loomis’ current branches. The transition of work to existing Loomis branches will commence in the third quarter of 2014 and is expected to be fully integrated during the first quarter of 2016. When fully integrated, the annual revenue for the agreement is expected to be approximately USD 20 million. The agreement is the