Capita plc - Capita update on The Co-operative Bank contract
London, December 1
2 December 2021
Capita update on The Co-operative Bank contract
Capita plc ('Capita') confirms that it has received notice of termination of its mortgage services contract with The Co-operative Bank.
As the Bank progresses with its strategic plan, it has decided to re-integrate its mortgage servicing operations back into the Bank.
The contract, part of the Capita Experience division, was scheduled to run to November 2025 but is now expected to end on 30 November 2022. The decision is expected to have no material impact on Capita's performance in the current or next financial year. In 2023, the contract was expected to deliver £25m of revenue.
Jon Lewis, Chief Executive Officer, said: "Capita has worked closely with The Co-operative Bank over the last six years, and we are proud that they have acknowledged the high levels of service that we have delivered to them and their customers, in particular throughout the pandemic. We understand their decision to integrate the service back into the Bank as part of their strategic plan and we look forward to exploring opportunities to work together in the future."
For more information, please contact:
Director of Investor Relations
Tel: 07989 665484
Capita external communications
Tel: 0207 654 2399
Capita is a consulting, transformation and digital services business. Every day our 55,000 colleagues help millions of people, by delivering innovative solutions to transform and simplify the connections between government and citizens, businesses and customers. We partner with our clients and provide the insight and cutting-edge technologies that give time back, allowing them to focus on what they do best, and making people's lives easier and simpler. We operate across three divisions - Capita Public Service, Capita Experience and Capita Portfolio - in the UK, Europe, India and South Africa.
Further information can be found at: http://www.capita.com