GardaWorld signs $1.4B cash vault outsourcing partnership with Bank of America
By Canadian SecurityNews Retail
Montreal-based GardaWorld announced that it has 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 U.S. 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.
“GardaWorld is uniquely positioned to be a partner of choice to financial services clients in North America,” says GardaWorld Cash Services president and COO Christopher Jamroz in a prepared statement. “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,” adds GardaWorld founding president and CEO Stephan Crétier. “This transaction demonstrates the options available to U.S. 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 centres across the U.S.
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