An Post in talks to provide banking services
An Post is to enter talks aimed at providing banking and financial services across Ireland, it emerged today.
The move, which was approved at a Cabinet meeting yesterday, was a key element of the strategic recovery plan for An Post that was announced in 2003.
The company is to enter exclusive joint venture discussions with major Belgian/Dutch-based international financial services company, Fortis, on the formation of a new Irish financial services company.
Assuming a successful conclusion, An Post and Fortis expect to bring products to the market early
next year.
An Post chief executive Donal Curtin said he was very pleased with the Government’s decision to sanction the next stage of the company’s development strategy.
“This is a highly significant step forward for An Post, its staff, its contractors and its customers, both private and corporate,” he said.
“An Post has a unique role in providing a range of services to Irish people of all ages and backgrounds. We expect to continue this proud tradition through the provision of a suite of financial products that will be relevant and accessible to all customers, including the significant portion of Irish consumers who are currently unbanked.
“We now have the opportunity to generate a substantial and strategically important new revenue stream, which is key to supporting our unrivalled network of urban and rural post offices.
“This will secure and grow the future income of dedicated postmistress and postmaster contractors in post offices across Ireland,” he added.
The development of a financial services model was one of the key elements of the strategic recovery plan for An Post announced by Mr Curtin in September 2003.
Detailed preparatory work has been undertaken, and Fortis emerged as the preferred partner based on their financial proposition, proposed strategy and their particular expertise in postal banking.
Fortis is an international financial services provider engaged in banking and insurance, which ranks among the 20 largest financial institutions in Europe with a presence in 44 countries and a workforce of 56,000.
