Capita signs mortgage contract with The Co-op Bank

PRESS INFORMATION

31 July 2015

Capita signs mortgage contract with The Co-operative Bank

Capita confirms that it has signed a contract with The Co-operative Bank to transform its mortgage servicing operation in the UK. Capita previously announced on 14 November 2014 that it had been selected as preferred bidder for this contract by The Co-operative Bank. The contract is worth up to £325m over 10 years and is starting on 1 August 2015.

As part of the deal Capita is acquiring Western Mortgage Services Limited (WMS), The Co-operative Bank's mortgage administration business. The acquisition is due to complete on 1 August 2015. Capita is acquiring WMS for £25 million on a cash free, debt free basis with a further deferred consideration of £5m to be made one year after the acquisition.

Andy Parker, Capita Chief Executive, said: "This deal and acquisition, alongside our recent announcement that we are acquiring Vertex Mortgage Services Limited, subject to regulatory approval, will help Capita achieve its ambition of becoming the leading end-to-end mortgage processing partner for clients.

“Capita will work with The Co-operative Bank to deliver an enhanced service for customers. This will be done by drawing upon Capita’s existing and wide ranging commercial debt-servicing capabilities and its heritage of large scale customer service transformation across a range of industries.”

ENDS

For further information:
Capita plc
Tel: [phone]
Andy Parker, Chief Executive Officer
Shona Nichols, Corporate Communications Director

Media enquiries:

Del Bowen, Capita press office
0207 6542 221
[e-mail]

Notes to editors:

Capita plc is the UK’s leading provider of digitally enabled customer and business process services and integrated professional support services. With 68,000 people at over 400 sites, including 80 business centres across the UK, Europe, India and South Africa, the Group uses its expertise, infrastructure and scale benefits to transform its clients’ services, driving down costs and adding value. Capita is quoted on the London Stock Exchange (CPI.L), and is a constituent of the FTSE 100 with 2014 revenue of £4.4bn. Further information on Capita plc can be found at: http://www.capita.co.uk/