HSBC sells UK statement facility to Communisis; signs outsourcing deal
16 January 2006 | 6106 views | 0
HSBC has sold its statement production business in the UK to Communisis Ltd and inked a £250m outsourcing deal with the vendor for the production and delivery of its document-based customer communications over the next ten years.
The bank's UK facility handles the production and despatch of the majority of HSBC's UK paper-based customer communications, including statements. Communisis, which provides document processing services to firms across Europe including Barclays Bank and HBOS, is paying £3m for the unit.
Under the deal around 255 staff at the unit will be transferred to Communisis, of which 174 are permanent bank staff and 81 are temporary employees.
Going forward the vendor will produce and manage all of HSBC's customer communications in the UK.
Communisis says the deal with HSBC demonstrates further progress in its strategy of "partnering with major financial institutions and in helping them manage key areas of their customer communications".