Capita has renewed its contract with the Co-operative Bank to run its mortgage service operation in the UK.
The renewed contract is worth up to £141m over six years, of which £107m is incremental to Capita’s current contract with the bank and begins on the 1 November 2019.
Capita’s existing contract with the bank for its mortgage servicing operation was signed in August 2015 and was due to conclude in 2020.
The scope of the renewed contract includes Capita continuing to run a full range of mortgage services with a focus on redesigning and simplifying processes to enhance customer experience.
Capita will be working alongside a third party implementing an IT platform.
Jon Lewis, chief executive officer of Capita, said: “I am delighted that the Co-operative Bank has chosen to renew our partnership.
“This is testament to a new Capita, which is working more collaboratively with its clients, and is strongly aligned to the Bank’s values as a responsible business.
“We look forward to offering an even better mortgage service to The Co-operative Bank’s customers which will make the process of securing a mortgage much faster and smoother.”
Andrew Bester, chief executive officer of the Co-operative Bank, added: “Our mortgage business continues to thrive and is central to our future plans for the Co-operative Bank.
“The service Capita provides our customers is a key element of our success in a competitive market, and we are delighted to be renewing our partnership.”