Fortis and An Post launch Postbank, their 50-50 joint venture in Ireland
Fortis and An Post are pleased to announce that Postbank, the new Irish
communitybased banking service, started trading from over 250 post
offices on 1 May 2007.
Postbank will extend its banking services nationally to over 1,000 post
offices within twelve months. Backed by its strong parent companies,
Fortis and An Post, Postbank will have the largest retail banking network
in Ireland by the end of next year. Postbank will challenge existing high
street banks with a distinctive package of services. Its financial products
will be simple, transparent, easily understood and accessible to local
communities. Products will be very competitive and will offer attractive
savings and investment returns.
Postbank’s initial services as an independent Irish bank will be based
on two financial products, a demand deposit account and a guaranteed
investment product. Over the next year the bank’s services will be
extended in stages throughout the national network of post offices to
include current accounts, credit cards and ATM facilities.
Speaking at the unveiling ceremony, Margaret Sweeney, Postbank’s CEO
said: “This launch brings a new dimension to banking services in
Ireland. It
is only six months since the agreement to establish Postbank was completed
by Fortis and An Post. Since then a multi-cultural and highly talented team
has worked tirelessly to make this community bank a reality. We regard our
people as our greatest asset and we will continue to build this dynamic
team
over the coming weeks and months. I must also pay tribute to the
postmasters,
postmistresses and post office staff whose enthusiasm for this project
gives me
great confidence in its success.”
Post offices will be able to grow their business volumes and expand
their services with the new Postbank products. Major investment in the
latest
banking technology by Postbank will support the post office network in
capitalizing on these opportunities.
Several hundred post office staff have already been trained by Postbank
and the bank’s plans have had a highly enthusiastic response from
postmasters and postmistresses. Market research shows very high levels
of post office usage by Irish adults, with 40% of adults visiting a post
office
at least once a week and 75 per cent at least once a month.
Besides working with existing post office staff, Postbank expects to
have a workforce of 500 people within three years. In addition to the
employees of One Direct and PostPoint, Postbank will create over 100 new
jobs throughout Ireland this year.
Postbank services will be available to the public through several
complementary channels. Retail banking services will be provided by a
combination of Postbank staff and post office officials through the high
street branch network. Postbank products will also be accessible
directly over the phone at the bank’s Athlone-based customer contact
center. Later this year a full online banking service will follow the
installation of the bank’s new technology platform. Postbank has taken
over One Direct and PostPoint from An Post and will continue to grow
these services.
Postbank is a 50:50 joint venture between Fortis and An Post. Postbank
will offer simple, straightforward financial products and services that are
good value for money through the post office network. Postbank Ireland
Limited, trading as Postbank, is regulated by the Financial Regulator.
About An Post
An Post is a major Irish commercial organisation, with over 9,600
employees offering a diverse range of
postal and retail services. As Ireland’s largest retail network, it is
uniquely placed to meet the needs of its
customers in over 1,300 Post Offices throughout Ireland. An Post is one
of the largest handlers of financial
transactions in Ireland. It also delivers 3 million letters every
working day.
About Fortis
Fortis is an international financial services provider engaged in
banking and insurance. We offer our
personal, business and institutional customers a comprehensive package
of products and services through our
own channels, in collaboration with intermediaries and through other
distribution partners.
With a market capitalisation of EUR 43.2 billion (30/04/2007), Fortis
ranks among the twenty largest
financial institutions in Europe. Our sound solvency position, our
presence in 50 countries and our dedicated,
professional workforce of 60,000 enable us to combine global strength
with local flexibility and provide our
clients with optimum support.
