The Turkish subsidiary of Loomis announced that they signed a three-year agreement with HSBC Turkey for cash-handling services in Turkey, reports Finextra. The deal requires Loomis to provide cash to exactly 260 bank branches and about 470 ATMs across 16 Turkish cities. To help facilitate the new agreement Loomis Turkey will commit to the further improvement of infrastructure, which includes creating three new branches and renovating 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," Lars Blecko, Loomis CEO and president told Finextra.