Decision details

Banking Tender 2024/25

Decision Maker: Cabinet

Decision status: Decision Made

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

The Council is re-tendering its banking and merchant services contract.  This report is to obtain Cabinet approval to contract with the winning bidder, as the contract is likely to be valued at over £250,000 and therefore require a key decision.

Decision:

RESOLVED – 

 

1. That a 5-year contract to supply Banking and Merchant Services to Tunbridge Wells Borough Council be awarded to Lloyds Bank beginning 1 April 2024 be approved.

 

2. That an extension of up to 60 months at the end of the initial 5 year contract term, contingent upon on the contract continuing to provide value for money and satisfactory service performance levels be approved.

 

3. That authority be given to the Head of Legal Partnership to enter into the contract with Lloyds Bank be approved.

 

REASON FOR DECISION: A Banking and Merchant Services provider is required in order for TWBC to continue its functions.

Report author: Jane Fineman

Publication date: 08/02/2024

Date of decision: 08/02/2024

Decided at meeting: 08/02/2024 - Cabinet

Effective from: 17/02/2024

Accompanying Documents: