LONDON (dpa-AFX) - Capita plc (CPI.L) announced Thursday that it has renewed its contract with The Co-operative Bank p.l.c. for up to 141 million pounds over six years. The contract is to run the bank's mortgage servicing operation in the UK as well as to continue to support its digitally enabled transformation which will further strengthen its customer focus.
In the contract value, 107 million pounds is incremental to Capita's current contract with the Bank. The renewed contract begins on November 1.
Capita's existing contract with the Bank for its mortgage servicing operation was signed in August 2015 and was due to conclude in 2020.
Under the contract, Capita will continue to run a full range of mortgage services., from initial enquiry and application, all the way through to mortgage maturity.
Andrew Bester, Chief Executive Officer of The Co-operative Bank, said, 'Our mortgage business continues to thrive and is central to our future plans for The Co-operative Bank. 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.'
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