HSBC has signed a �250 million outsourcing deal with Communisis Ltd, and has sold its UK statement production business to the vendor.

Under the agreement, Communisis will handle production and delivery of HSBC's document-based customer communications over the next ten years. In addition, around 255 staff (174 are permanent bank staff and 81 temporary employees) will be transferred to Communisis.

The UK facility handles the production and dispatch of HSBC's UK paper-based customer communications including statements. Communisis will pay �3m for the unit.

Communisis says the deal with HSBC shows progress in its strategy of "partnering with major financial institutions and in helping them manage key areas of their customer communications". Communisis provides document processing services to firms across Europe including Barclays Bank and HBOS.

Image Source: www.hsbc.co.uk