Government set to approve An Post joint venture

THE Government is set to approve a joint venture between An Post, the State-owned postal service, and Dutch-Belgian financial services group Fortis next Wednesday, sources familiar with the deal said.

“The deal will be given Cabinet approval next week,” a source told Reuters yesterday, on condition of anonymity.

Fortis, which is listed in Brussels and Amsterdam, signed a memorandum of understanding in April on a 50/50 joint venture with An Post, which provides postal, communication and money transmission services in Ireland. Under the new partnership, Fortis will help An Post modernise and streamline its services while also providing new products such as ATMs and home-banking.