May 2, 2017

G4S teams up with Lloyds for banks on wheels

Security company G4S has agreed a deal with Lloyds Banking Group to provide banks in vans, in a move aimed at filling the gap left by branch closures across the UK. G4S's armoured vehicles and secure locations already transport and store cash for central banks, lenders, retailers and public services. The FTSE 250 company has now agreed a deal with Lloyds to provide banks on wheels that would serve remote areas in England and Wales that no longer have high street branches. In South Africa G4S provides rural banking, called "Banks in a box", in partnership with local lenders. "There is a good opportunity in the UK and Europe for G4S to support retail banks in transactional services," he added. Last month, Lloyds Banking Group revealed that it would shrink hundreds of its branches into micro-versions staffed by as few as two people, to provide basic services to customers.

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