MONTREAL, QUEBEC--(Marketwired - Dec. 18, 2013) -
Editors' Note: There is a photo and a video associated with this press release.
GardaWorld, the largest privately-owned business solutions and security services company in the world, today signed a 12-year, $1.4 billion strategic agreement with Bank of America to manage its cash processing and check imaging services in 32 locations across the US. As part of this transaction, the company will acquire the bank's money rooms and related facilities.
In this partnership, approximately 1,000 Bank of America vault employees will join GardaWorld Cash Services when the transaction closes in Q1 2014. GardaWorld will then operate as a service provider to Bank of America. Both companies share a customer centric culture and will be working together on a seamless transition for clients.
This agreement is part of GardaWorld's expansion in the cash services industry. GardaWorld provides direct and tangible contributions to financial institutions' strategic objectives, including:
- Lower operating expenses
- Exit from fixed cost infrastructure
- Direct alignment of operating expenses to business volumes
- Move to flexible pay per service fee arrangement
- Divestiture of real estate
- Single nationwide technology cash processing platform
"GardaWorld is uniquely positioned to be a partner of choice to financial services clients in North America," said GardaWorld Cash Services President and COO Christopher Jamroz. "This transaction more than doubles the capacity of GardaWorld's existing cash processing platform and creates an undisputed market leader in our industry."
"The outsourcing trend of these value-added services is already commonplace in most industrialized countries," added GardaWorld Founding President and CEO Stephan Crétier, "This transaction demonstrates the options available to US banks in terms of how they think about processing cash."
When the transaction is completed in Q1 2014, GardaWorld will operate 280 secure cash processing centers across the US.
Garda World Security Corporation (GardaWorld) provides business solutions and security services around the world. Our 45,000 highly trained, dedicated professionals serve clients throughout North America, Latin America, Europe, Africa, Asia and the Middle East. GardaWorld works across a broad range of sectors, including financial institutions, natural resources, retail, construction, telecommunications and manufacturing, and on behalf of Fortune 500 companies, governments, NGOs and humanitarian relief organizations. For more information, visit www.garda.com.
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