HSBC is understood to have previously contracted its marcomms print directly with several different print suppliers, including Communisis, which also produces the bank’s transactional print.

Both St Ives and Communisis declined to comment on the contract award, which HSBC confirmed had not affected its existing transactional print agreement with Communisis.

Mark Hemingway, head of media relations at HSBC, said: "Yes, it’s just for marcomms print, [there’s] been no change in any other agreements."

It is not known how much of HSBC’s marcomms work was produced by Communisis, although PrintWeek understands the Leeds-based firm was a significant supplier to the bank.

St Ives is understood to have been one of several companies that tendered for the contract, including Communisis and Williams Lea. Williams Lea and St Ives were both shortlisted, with St Ives eventually coming out on top.

The contract award was greeted with surprise by some industry sources, due to St Ives' relative lack of BPO experience in comparison to both Williams Lea and Communisis.

BPO industry expert Mike Newman, of Nsquared Consulting, said: "This is an impressive win for St Ives as they apparently continue to remodel their business. I am surprised that they saw off the more established printers and print managers in that sector who have a strong background and pedigree in both financial services and direct marketing.

"Clearly St Ives are successfully building on the momentum created by the Royal Mail and Sainsbury's managed service wins, but as with each of those appointments it is a left field choice.

"To achieve excellence in service any successful outsourcer has to really get to know their client, get involved at concept stage and be part of the client's team. The last thing they can do is think like a traditional manufacturer with the 'you tell me what to do and I will do it' mentality.

"It will be interesting to see how St Ives develop their proposition and approach from here on. From an HSBC point of view the challenge will be to make sure they get best value from a single point contract, as the lines between manufacturing and managed service blur."