The agreement, which initially covers three years, means that Loomis will provide approximately 260 bank branches and around 470 ATMs in 16 cities with cash. Major cities for the assignment, including both cash in transit and cash management services, are the capital Ankara and the port city of Izmir. To provide the new services Loomis Turkey will also invest further in improved infrastructure including three new branches as well as significant upgrades of existing branches.

"The assignment and the creation of new branches mean that we are taking an important step towards becoming a nation-wide operator and for the first time in a large scale take care of the entire cash management of a major customer in Turkey. We see Turkey as a key growth market with a low degree of outsourcing, which means there are good opportunities for expansion", says Loomis President and CEO Lars Blecko.

At the beginning of 2013, Loomis has also received several other prestigious assignments in Turkey. These include a two-year contract with Istanbul's Metro, Istanbul Ulasim, where Loomis will provide cash for ticket vending machines and entrance gates at five subway lines and will also be responsible for cash processing.

Furthermore, Loomis has also been appointed an extended contract with additional cash services for ING in Turkey. The three-year contract covers more than 200 of ING's bank offices in Turkey.

The combined annual contract value for HSBC, the Istanbul subway and ING is approximately SEK 40 million.