The joint venture has acquired the fixed assets and operations of Loomis Cash Management (LCM), Loomis’ cash handling business in the UK. Each bank has made an equity injection of GBP5 million into the new entity, which will be known as Vaultex UK.
The announcement follows a statement issued by Securitas in July that it had signed a heads of terms agreement with HSBC Bank and Barclays Bank regarding its intention to exit the cash handling services it provides the two banks through LCM.
