Capita agrees contract to manage Irish loans for Rabobank

Capita has agreed heads of terms of a contract to manage 17,500 loans with a value of around €4bn (£2.8bn) for Rabobank’s ACCLM in Ireland.

The outsourcer said the contract is worth an estimated €55m (£38m) over five years and will start on 1 February 2016 with the transfer of ACCLM colleagues to Capita.

Chief executive officer Andy Parker said: "This deal will enhance Capita’s position in Ireland. The contract builds on Capita’s existing and wide-ranging commercial debt-servicing capabilities across a range of industries.”

Capita said it is expected around 180 employees will transfer to the group, which already has a workforce of over 1,700 people in Ireland.

At 1220 GMT, Capita shares were down 0.3% to 1,247p.