Long-term partnership for bpost Bank with BNP Paribas Fortis
bpost NV/SA and BNP Paribas Fortis NV/SA have reached a non-binding agreement on the future long-term partnership of bpost bank NV/SA (bpost bank), the JV in which they have been partners for over 25 years.
In the context of this future long-term partnership, bpost would sell its 50% stake in bpost bank to BNPPF. The purchase price will be calculated based on the IFRS net asset value at time of closing and is expected to range between EUR 100 – 120 million.
bpost would continue to provide banking services through its physical network of post offices, thereby ensuring high-quality service and thus secure future revenue from the banking activities within bpost.
Pricing for these banking services is subject to further discussions. However, we currently do not expect a material deviation from the revenues under the new commercial agreement than we could have expected under the existing agreements with BNPPF and bpost bank, subject to bpost sales performance and the market circumstances.
bpost and BNPPF have the intention to sign binding agreements by the end of March 2021, with the objective to close the transaction by the end of 2021. The duration of the future partnership is 7 years. The transaction will be subject to customary conditions, including regulatory approvals.