changing outsourcing contract from Bank of America MONTREAL GardaWorld has landed what it bills as a transformational contract, nhl jerseys with Bank of America agreeing to Moncler Men down Jackets no hat dark blue become the first large financial institution in the United States to fully outsource its cash vault operations. "It s game changing for the industry and naturally game changing for us because we re the first one to do it with the largest bank," GardaWorld CEO Stephan Cretier said in an interview Moncler down jackets button Men grey black from Florida. The Montreal based company said will acquire Bank of America s 32 money rooms and related facilities as part of the deal that will generate $1.4 billion in revenue over 12 years on top of the $600 million it generates annually from existing customers. The Canadian company will become the "bank for the banks" by counting, sorting and storing cash, processing cheques and keeping branches and ATMs supplied with notes and coins. clients, including financial institutions and retailers, and process 500 million cheques a year using imaging technology. regional banks and retail customers. Cretier said GardaWorld will make a major investment to buy the bank s real estate and equipment, but declined to put a price tag on the transaction. The contract was reached following some 15 to 18 months of negotiations and about seven years after it first approached America s largest bank. Bank of America had already outsourced some of its operations with Garda and tested an expansion of the arrangement over the past two years. Cretier said outsourcing is new in the United States but the trend is more common in other countries, including in Europe and Australia. About half of Canada s banks have also outsourced their backrooms. cash services provider for four of the five top financial institutions, GardaWorld hopes to take advantage of the Bank of America contract to convince other large banks to fully outsource their operations. Moncler marmelade Womens coats Belt Fur collar coffee to MONCLER JACKETS Men Black Raccoon fur collar do the same thing," Cretier said. Garda s biggest competition comes for established companies Loomis and Brinks. It also plans to leverage the Bank of America contract and the $110 million acquisition of G4S Cash Solutions (Canada) moncler vest sale to convince those among Canada s top seven financial institutions that still process their cash internally to moncler mens jackets sale also make the switch. "If Bank of America is able to choose a Canadian company, a Quebecois company, to do this kind of work there s no reason a Canadian bank cannot start looking at what we can do for them back home," he said. GardaWorld said its operations allow financial institutions to lower operating expenses, sell real estate and use a single countrywide processing technology. The bank said the contract for its remaining cash vault operations is part of its efforts to "simplify" operations. "This agreement ensures our cash vault clients will continue to receive the highest level of service," spokesman Mark Pipitone wrote in an email. Raymond moncler jackets cheap James analyst Daniel Marchon was not surprised by Bank of America s move given its vow a few years ago to save US$8 billion a year through various initiatives. "I think it s the combination of cutting costs and trying to optimize technology that really drove this," he said. Marchon said GardaWorld appears to have a competitive advantage in lowering operating expenses of the bank s branches. The company was taken private a year ago by a consortium formed by the cash logistics and security company s CEO and private equity firm Apax Partners. Garda Moncler Men goose down Hooded Black jackets provides security, cash logistics and armoured truck services and airport screening in Canada, and protects embassies and oil and gas workers in dangerous areas like the Middle East

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