Decision

To award the contract for the provision of the Council’s core banking services contract to Lloyds Bank plc. The contract will commence on 01/10/2026 for an initial period of 3 years, with an option to extend for a further 4 years. The estimated total value of the contract over its full term is £210,000.00

Reasons for the decision

The Council’s current banking contract has expired. Following a compliant procurement process Lloyds Bank plc was identified as the most economically advantageous partner in a restricted market. The provider also provides continuity and uniformity across Adur and Worthing. Awarding this contract will ensure stable continuation of the essential corporate banking services delivered under this contract.

Alternative options considered

The option to not award the contract to a partner does not exist, as corporate banking is a key, core function to council operations. The current contract was at its maximum term and could not be extended. Conducting a full bespoke tender was identified as not likely to deliver value for money and for unknown reasons the Council's preferred framework provider was unable to complete the contract in the required timeframe.