Polish Post to offer insurance

The Polish Post invests in financial services.

The Polish Post invests in financial services.

The liberalization of the postal market due in 2012, will cut income of Poczta Polska, the Polish Post (PP). The financial gap should be made up by financial services.

“We have over PLN 1bn (EUR 258m) of revenues generated by financial services. In order for PP to keep its cashflow and financial stability, we just need to grow them by 20-30 percent in the next five years”, Mariusz Wnuk, deputy general director of PP said.

There are more and more financial services sold at post offices. Today, the products of Bank Pocztowy, the bank from PP group, are being sold. There are plans to grow the bank further. Early next year, PP clients will be able to buy car, home and other kinds of insurance offered by Towarzystwo Ubezpieczen Wzajemnych insurance company. In March, pension insurance from Pocztylion company should appear. Both companies generate several millions zloty of PP revenues and their results won’t influence the giant with PLN 4bn of sales generated by postal services. The weak point is the fact that the only products sold at post offices will be those offered by companies from PP group.

(PLN 1 = EUR 0.258)