REG-Capita PLC: Capita update on The Co-operative Bank contract

CapitaAnnouncement

02/12/2021 10:15

2 December 2021

Capita update on The Co-operative Bank contract

Capita plc (‘Capita’) confirms that it has received notice of termination
of its mortgage services contract with The Co-operative Bank.

As the Bank progresses with its strategic plan, it has decided to re-integrate
its mortgage servicing operations back into the Bank.

The contract, part of the Capita Experience division, was scheduled to run to
November 2025 but is now expected to end on 30 November 2022. The decision is
expected to have no material impact on Capita’s performance in the current
or next financial year. In 2023, the contract was expected to deliver £25m of
revenue.

Jon Lewis, Chief Executive Officer, said: “Capita has worked closely with
The Co-operative Bank over the last six years, and we are proud that they have
acknowledged the high levels of service that we have delivered to them and
their customers, in particular throughout the pandemic. We understand their
decision to integrate the service back into the Bank as part of their
strategic plan and we look forward to exploring opportunities to work together
in the future.”

For more information, please contact:

Investor enquiries
Stuart Morgan
Director of Investor Relations
Tel: 07989 665484
Email: IRteam@capita.co.uk

Media enquiries
Capita external communications
Tel: 0207 654 2399
Email: media@capita.co.uk 
 

About Capita

Capita is a consulting, transformation and digital services business. Every
day our 55,000 colleagues help millions of people, by delivering innovative
solutions to transform and simplify the connections between government and
citizens, businesses and customers. We partner with our clients and provide
the insight and cutting-edge technologies that give time back, allowing them
to focus on what they do best, and making people’s lives easier and simpler.
We operate across three divisions – Capita Public Service, Capita Experience
and Capita Portfolio – in the UK, Europe, India and South Africa.

Further information can be found at: http://www.capita.com

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