BMS Retains Services of Barclays - on the Promise of Change
BMS World Mission has announced that, following an extensive re-tendering exercise for banking services, it will retain the services of Barclays
The exercise was driven by concern over recent reports into banking standards and practices, and in a statement BMS revealed that general director the Revd David Kerrigan had made personal contact with Barclays Group chief executive, Antony Jenkins, who had assured them of his commitment to transforming the culture and performance.
BMS would hold Barclays to that promise, Mr Kerrigan said, and would have no hesitation in 'reassessing our provider should they fail to deliver on these key undertakings'.
BMS had invited all four major high street banks, the Cooperative Bank, CAF Bank and other smaller banks to provide detailed tender documents for the provision of its banking services. It shortlisted four banks, and Mr Kerrigan explained that there were two key issues in making the choice to continue with Barclays.
The first was that not all the other banks could fully provide the specific range of global financial services BMS requires to support its work in over 35 countries.
The second was that it was very encouraged by the Transform programme which Barclays have put in place to address the serious shortcomings of the recent past, including the Libor scandal.
'I wrote personally to Barclays Group Chief Executive, Antony Jenkins, to say that the decision to re-tender had been one of protest, with BMS having banked with Barclays for many years,' said Mr Kerrigan.
'In addition to an excellent technical response from the local Barclays team, and their acceptance that the culture of the Bank in past years had fallen well short of that which was desirable, we have been impressed by Mr Jenkins personal response.
'He has given us his commitment to 'transform our culture and performance' and stresses that the bank will be "changing the way we do business...and setting a new course for the future." BMS will hold Barclays to that promise, and will have no hesitation in reassessing our provider, should they fail to deliver on these key undertakings.'
The decision to reappoint Barclays to provide banking services was formally taken by the BMS Board of Trustees at their meeting this month and will be reported to the BMS Annual meeting in Blackpool on 5 May 2013.