Lloyds Banking Group extends administration services

Mon 24 Oct 2011

Equiniti, has taken administration services for the Bank of Scotland Investors Club, Lloyds Banking Group.

The Equiniti Group in conjunction with its Xafinity Paymaster division announced today that it has taken on the provision of administration services for certain elements of the Bank of Scotland Investors Club (BOSIC) book of business, part of the Lloyds Banking Group (LBG). The Equiniti Group will administer the portfolio from Xafinity Paymaster’s head office base in Crawley, West Sussex.

Patrick Marper, Head of Commercial Contracts at LBG commented: “Our decision to engage with the Equiniti Group for administration services within Xafinity Paymaster was based on the need to find an alternative outsource service provider that could offer a low-risk transition solution in a seamless manner to our clients."

“The Equiniti Group currently provides extensive services to LBG including share registration and pensions administration. The strength of our existing relationship with the Equiniti Group and their ability to deliver a seamless transition were key factors that led us to select them.”

John Parker, Managing Director of Equiniti and responsible for the overall relationship with LBG said: “This agreement evidences the value of leveraging existing capabilities and relationships within the Equiniti Group. I am pleased that we are able to continue to offer a unique and compelling solution to LBG, a strategic partner of ours.”

Keith Boughton, Director of Insurance and Payments at Xafinity Paymaster, added: “We are delighted to have secured responsibility for provision of administration services to support this book of LBG business. It demonstrates the added value that Xafinity Paymaster can bring to the Equiniti Group and its insurance client base."

“As evidenced by a number of recent announcements about similar deals, this agreement reinforces our strategy to continue to look for opportunities to service closed books of business in the insurance sector.”