The cash handling company Loomis (STO:LOOMB) has signed a strategically important four-year agreement in Sweden with the newly founded BAB Bankernas Automatbolag, to provide approximately fifty percent of Automatbolag's ATM machines with cash.
Also included in Loomis' assignment is the counting of cash and certain emergency servicing of the machines. The value of the order amounts to slightly more than MSEK 500 over the entire 4 year period of the agreement. BAB has the option of extending the agreement by a period of two years. The agreement is in effect from September 30, 2011.
BAB Bankernas Automatbolag was founded in September 2010 by Danske Bank, Handelsbanken, Nordea, SEB and Swedbank, and is successively taking over the management of the owner banks' approximately 2,700 withdrawal and deposit ATMs.