Switzerland drops plans for post office bank, no Swisscom divestment decision
AFX EUROPEFOCUS 17th October 2001
SWITZERLAND DROPS PLANS FOR POST OFFICE BANK, NO SWISSCOM DIVESTMENT
DECISION
BERN (AFX) – Switzerland’s Federal Council said it has dropped plans to
establish a bank as part of the national post office, and said that it has
not made a decision regarding proposals that the government sell its
majority stake in Swisscom AG. The plans for a Post Office Bank were dropped
after a nationwide survey of ‘stakeholders’ showed broad opposition to the
plan, the Council said. Although the broader plans have been dropped, the
Post Office will still be able to offer financial services such as
Giro-accounts, and it will also be able to establish co-operative ventures
with commercial banks. The Council said it will reconsider its holding in
Swisscom at the earliest next summer, adding that it will in future conduct
separate deliberations about Swisscom and the Post Office, which previously
were combined in the former PTT, a postal and telecommunications agency of
the government. ej/uh/cmr
