bpost and BNP Paribas Fortis agree new commercial partnership
Following the announcement of a new partnership model on 23 December 2020, bpost and BNP Paribas Fortis today signed an agreement whereby BNP Paribas Fortis would acquire bpost’s 50% holding in bpost bank at the end of this year to become its sole shareholder.
· A seven-year partnership has been agreed between the parties, in which bpost will continue to provide the range of financial services across its post office network.
· The whole transaction should be finalized by the end of 2021.
· The commercial partnership between bpost and BNP Paribas Fortis runs from 1 January 2022 to 31 December 2028.
· Nothing will change for bpost bank customers: they can continue to expect the same outstanding service in the familiar and trusted post office setting.
· Both BNP Paribas Fortis and bpost fulfil an important role in Belgian society, with a focus on building close and personal long-term relationships with customers.
The successful partnership for the provision of financial services was launched as long ago as 1995 in a joint venture that originally went by the name “Bank van de Post/Banque de la Poste”. Now known as bpost bank, it has since become an established name in the Belgian banking landscape. The current partnership is set to end on 31 December 2021.
Today bpost and BNP Paribas Fortis announce their agreement to transform their current (50/50) partnership in bpost bank. In the future partnership between bpost and BNP Paribas Fortis, bpost will continue to offer the financal products across its post office network and BNP Paribas Fortis will acquire bpost’s share in bpost bank, becoming its sole shareholder. The aim is to finalize the whole transaction by the end of 2021, subject to the requisite regulatory approvals.
This new agreement perpetuates the long-term commercial relationship between BNP Paribas Fortis and bpost, whereby bpost will act as agent of bpost bank and BNP Paribas Fortis. This is fully in line with the proximity strategy of the two partners. As a public service provider, bpost will continue to offer financial services through its network of post offices, close to the customer.
It means that nothing will change for bpost bank customers: they can continue to expect the same outstanding service in the familiar and trusted post office setting. The transaction will have no impact on the conditions of employment of bpost bank and bpost employees.