Deutsche Bank and Correos strengthen ties
Jose Damian Santiago, the chairman of Spanish postal services provider Correos, and the general manager of leading German bank Deutsche Bank in Spain, Antonio Rodriguez-Pina, signed an agreement to launch a new brand in the Spanish market, Bancorreos. Bancorreos will offer banking products designed for clients of Correos. Starting now, both Deutsche Bank and Correos are to implement a plan which provides for substantial investment between now and 2010. Correos will give greater emphasis to its banking operations, in order to further its diversification strategy a boost in light of the pending deregulation of the Spanish postal sector. Together, the two companies will develop a series of products to be sold through Correos’ post office network, provide appropriate technology and training on banking products for employees.
