Tag: La Poste

Geopost, the courier subsidiary of French post office La Poste, is bidding for the 18 percent of Spanish courier group Seur being put up for sale by Justo Yufera, founder of the company. Mr Yufera is selling Seur Madrid, which is the main franchise of the group and represents 18 percent of Seur. Expansion reports that La Poste is in talks to buy a 21.2 pct stake of Seur and that the deal could face difficulties due to the Spanish company’s charter which prevents its sale to a competitor.

The French postal service will cut 2,800 jobs out of 17,300 in its financial operations between 2004 and 2007 in a bid to boost profits, the cuts will be achieved through natural wastage. La Poste was not immediately available to comment. It has already announced 733 job cuts for 2004.

The French Banking Federation (FBF) said the government plans to extend the financial services of La Poste will affect banking jobs. The FBF does not see how this will benefit customers especially since France already has widespread banking services with 28,000 counters to which 17,500 La Poste outlets will be added.

La Poste, the French postal service, is preparing for the planned launch of its banking subsidiary in 2005. The main difficulty for the company is expected to be the provision of capital for the new bank; it has been estimated that La Poste would be able to provide up to 3bn euros in equity capital for the bank. This is thought to be sufficient to comply with the regulations.