Fortis puts 56m in An Post banking
International financial services company Fortis is to invest 56m in a joint venture with An Post to sell retail banking products though the post office network.
Under the deal, there will be initial capital of 112m with An Post contributing its subsidiaries, One Direct and PostPoint, to the new unnamed joint venture, in which both players will hold an equal share.
Under the agreement, which was signed yesterday, savings, insurance, mortgage and credit card products, among others, will be offered through the 1,400 post offices around the country.
There will be 250 staff to start off the new joint venture, 120 existing and an additional 130 which will be hired.
It is expected that a total of 500 people will work in the company within five years.
The deal is still subject to Irish and EU regulatory approval and is expected to roll out on a phased basis between March and July of next year.
Yesterday, An Post chief executive Donal Connell said 120 of the start-up staff would be based in Athlone, the rest would be in Dublin.
“This initiative will allow us to restate and reinforce An Post’s relevance to the community that it has served so well for so many years,” said An Post chairperson Margaret McGinley.
