Dempsey launches Postbank

Minister for Communications, Marine and Natural Resources today formally launched new Postbank joint venture between An Post and Fortis in Dublin today.

“This Government is actively committed to the concept of a viable post office network,” said Dempsey. “That's why we've invested in the post office network over the years and why I requested An Post to come forward with a strategy for the long term development of the post office network.

“This strategy would include the provision of financial services to the public. The result of that request is today's launch of the Joint Venture between An Post and Fortis which will bring opportunities for both companies. Importantly it will also bring greater choice for consumers and more competition in the financial services sector.

“The joint venture will offer a full service retail bank to consumers and supply a wide range of retail financial services through the An Post branch network, using the An Post brand and other An Post assets.”

Fortis, based in Belgium, ranks among the 20 largest financial institutions in Europe with a market capitalisation of €39.7bn.

"The creation of Postbank means that banking services will now be available through a large number of rural and urban post offices to consumers,” said Dempsey. “For postmasters, income streams will diversify and extra business will be attracted to post offices, thereby boosting incomes. For An Post, the venture will bring an improved financial position in the face of market liberalisation and increasing competition.”

“The local post office has traditionally played an important social role in local communities. This role continues to be very meaningful and the joint venture will help strengthen the social fabric, particularly in rural communities. People still appreciate the personal touch which the local post office offers and I expect that this will be a strong selling point for the new bank.”