Irish Financial Services Regulator issues licence to Postbank

The Financial Services Regulator has approved the award of a banking licence to Postbank, the joint venture retail banking service between the international financial services provider Fortis and the Irish postal service, An Post.
Announcing the news today Postbank said that the service expects to begin trading as early as next month. “Now that we are to receive our banking licence from the Irish Financial Services Regulator we can start to finalise our plans for market entry”, said Postbank CEO Margaret Sweeney. “We hope to be ready to begin offering products to the public within a few weeks.”

The JV said that the company is to be called Postbank.

Postbank will initially offer savings and investment products, expanding to provide full banking services including current accounts, loans, credit cards and internet banking by the autumn. Postbank will be represented in over 200 post offices to begin with and to expand through the Post Office network over the following 12-months.

Postbank expects to formally receive its banking licence within a fortnight after some final procedural matters have been dealt with, paving the way for a launch within weeks.

Postbank also announced two further senior appointments today. Maurice van der Putten is Chief Operations Officer. Maurice has spent the last 12 years working for Fortis in a number of senior positions. Prior to joining Postbank, Maurice held the position of Deputy Director Fortis Insurance Netherlands Life Insurance’s back office Robert Jan Van Pelt is Manager of Sales and Distribution. Van Pelt has held senior management positions within Fortis Retail Banking since 1990. Prior to taking this position Mr van Pelt was Head of Project Management in Fortis with responsibility for the project portfolio of Retail Banking.