Thames Valley: Lloyds Bank partners with Reading Borough Council

Lloyds Bank Commercial Banking has been awarded a contract to provide banking services to Reading Borough Council.

The contract, which also covers the provision of services to five other local authorities, comes after the Co-operative Bank announced it was pulling out of the Local Authority market.

Lloyds Bank was appointed following a competitive tender process during which the bank’s commitment to service quality and its solutions-based approach were key factors in the evaluation process.

Earlier this year Reading Borough Council, Southampton City Council, New Forest District Council, Purbeck District Council, Slough Borough Council and Test Valley Borough Council joined together to search for a new banking partner.

The collaborative approach to sharing banking services can deliver significant cost savings and efficiencies.  Each local authority becomes a client of Lloyds Bank but has a separate banking contract. The agreement is for an initial period of seven years with an option to renew for a further three years.

Jo Lovelock, Reading Borough Council leader, said: “The selection of a new banking partner for the Council has been a competitive process. The priority from the outset was to achieve the best value for money for the Council tax payer and to select a partner that understands the requirements and demands faced by local authority partners, particularly in the current climate.”

Peter Jackson, relationship director for Lloyds Bank Commercial Banking in Reading, said: “Lloyds Bank is committed to helping local authority partners to identify the very best processes to provide optimum service to their communities, and we are already working closely with council management to achieve this in Reading.”

http://www.lloydsbank-commercialbanking.com