LLOYDS TSB Bank and TNT Financial Services in Maidstone have won a joint award for "Best Outsourcing Programme”.

The accolade, part of the Financial Innovation Awards 2003, was given for a four-year, multi-million pound contract that gave TNT the contract to collect

and deliver up to 200 million packages for the bank between now and 2007.

Vehicles collect from Lloyds TSB branches after 5pm and ensure thousands of letters and packages are sorted and delivered to 2,600 locations before 9am the next day.

Eileen Eaton TNT's general manager in Maidstone, was delighted with the Institute of Financial Services award.

She said: "It is very rewarding to gain independent recognition for our work. A shared understanding of each other's business requirements is the key to this successful partnership."

Phil Cresswell, head of supplier delivery at Lloyds TSB said: "It is a great honour to receive this external recognition by the institute and to win against such tough opposition truly reflects the strength of the partnership which consistently strives for continuous improvement."

The working relationship between TNT and Lloyds TSB has previously been endorsed by the Department of Trade and Industry and cited as an example of "best practice" business partnerships.

Lloyds TSB first awarded TNT its mail sorting and distribution contract in late 1998. This was renewed earlier this year for another four-year term.