30 (29) OUTCOME OF THE BANKING SERVICES TENDER – The Director of Finance submitted a report to inform the cabinet member of the outcome of the recent tendering exercise for banking services. The report outlined the implications of the decision and the steps being taken to manage the resultant risks.
The National Westminster Bank, part of the Royal Bank of Scotland Group had provided the council’s banking services since 1996, however with the expiration of the contract at the end of March 2012 the council had begun a joint tender exercise with North East Lincolnshire for a five year banking service.
The compliant tenders were evaluated on cost and quality, with Barclays tender being the lowest cost compliant tender and also demonstrated the highest quality.
It was on this basis that the contract was awarded to Barclays.
Resolved – That the change to the provision of the banking services be noted.