The Co-operative Bank has renewed an IT services contract with Steria, as it continues on a £700 million transformation programme.

The bank said the all-encompassing deal - for which a value has not been disclosed - will now run until 2014. The original agreement was signed in 1995, and is aimed at cutting costs and improving processes.

Jim Slack, IT operations and development head at Co-operative Banking Group, said the contract had so far delivered "many successful business-critical projects and services, including a number of highly strategic undertakings".