The Co-operative Bank selects Capita as preferred bidder for mortgage processing operations
11 November 2014
The Co-operative Bank today (11 November) announces that it has selected Capita plc (Capita) as preferred bidder to manage the Bank’s mortgage processing operations for its Co-operative Bank, Britannia and Platform mortgage brands.
The proposed deal remains subject to final terms, completion of due diligence, board, regulatory and secured funding trustee approval. All parties anticipate that the service could start in Quarter 1 2015.
If agreed, Capita would acquire Western Mortgage Services Limited (WMS), the Bank’s mortgage administration business based in Plymouth, and would assume responsibility for the Bank’s other mortgage processing and administration operations, which are predominantly based in Leek, Staffordshire.
The move would aim to transform the Bank’s existing mortgage servicing operation and improve the experience for more than 250,000 Co-operative Bank mortgage customers and brokers, and support the Bank’s plans for business growth. Under the terms, approximately 660 employees in WMS and the Bank’s mortgage processing operations would transfer to Capita.
Niall Booker, Chief Executive at The Co-operative Bank, said: “Our aim is to become a more efficient bank that is better placed to serve our individual and SME customers, with values and ethics at the heart of everything we do. Developing our core retail mortgage business is a key part of this strategy.
“It is vital we improve our processes, consolidate and utilise up to date mortgage systems and, as a smaller bank, ensure we can respond nimbly in a competitive market, mindful of the impact of increased regulation to our cost base.
“These proposals, to partner with Capita, would support our plans for substantial growth in retail mortgages and would enable us to continue to deliver high standards of service to our customers and brokers.”
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Notes to editors:
About The Co-operative Bank
The Co-operative Bank plc provides a full range of banking products and services to almost 5 million retail and SME (Small and Medium Sized Enterprises) customers. The Bank is committed to values and ethics in line with the principles of the cooperative movement.
For further information contact:
Tel: 0207 294 3687
Mobile: 07825 427 514
Mobile: 07979 692 287
Telephone: 0161 767 4252
Mobile: 07799 476 977