GSN is a cash processing and logistics business, established by and providing services to the three major banks in The Netherlands, representing over 90 per cent of the Dutch cash market.

The initial three-year contract with G4S, due to start in January 2015, is the first time GSN will fully outsource the full scope of services and maintenance of its ATM’s.

G4S is already market leader in total cash solutions within the retail industry and this contract will further strengthen the company’s position in the banking sector for the longer term.

Gert Askes, CEO of G4S The Netherlands, says: "I am delighted that GSN has placed its trust in G4S and we are looking forward to working with GSN to provide a high class service managing cash for some of Dutch’ major banks.

“As a strategic partner, we continue to contribute to the stability and cost effectiveness of the cash cycle in the Netherlands and ensure that we are constantly striving to innovate our services and deliver an exceptional product.”

Geert Eikelboom, Managing Director, GSN, said: "This is about improving efficiency and effectiveness in cash logistics, for which expertise, cost awareness and partnership are key. We trust that in working together with G4S we can make necessary steps to further optimise the cash supply chain".

^{Note: This news was previously announced in G4S’ preliminary results in March 2014}