Spanish Correos to change strategy
The aspirations of Spanish state-owned postal services operator Correos are much more modest than those of its counterparts in other European countries, after recognising that the commercial agreement between Correos and German counterpart Deutsche Post never really worked. According to Correos chairman Jose Damian Santiago, the arrangement did not work because Correos was trying to sell products that did not take into account the target market of customers who visited Correos branches. This failure has not stopped Correos and its German counterpart from launching a new brand of financial products, BanCorreos. Last April, the two operators signed an agreement to launch this brand. Mr Santiago has indicated that BanCorreos will try to recapture the spirit of Caja Postal, the postal services’ savings bank which was sold in the 1990s. The first efforts at marketing will be aimed at Correos employees and their families. Correos aims to launch BanCorreos before the summer.
