Recently merged Armaguard-Prosegur entity to receive 'non-financial assistance' from Australian banks
By Ryan Cropp ( February 23, 2024, 05:31 GMT | Insight) -- Embattled cash-in-transit company Linfox Armaguard will receive “non-financial assistance” from Australia’s major banks to help maintain the company’s cash distribution operations, just over six months after the competition watchdog cleared its monopoly-making merger with rival Prosegur on public benefits grounds. In a submission to the Australian Competition & Consumer Commission’s review of a new cash-in-transit industry coordination application, the Australian Banking Association said the prospect of Armaguard becoming insolvent meant a long term solution was needed to avoid consumers losing access to cash.Embattled cash-in-transit company Linfox Armaguard will receive “non-financial assistance” from Australia’s major banks to help maintain the company’s cash distribution operations, just over six months after the competition watchdog cleared its monopoly-making merger with rival Prosegur on public benefits grounds....
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