Tag: Poste Italiane

EU clears 2.4 bln eur aid for Poste Italiane, but opens new inquiry

Posted by | Sep 26, 2006 | |

The European Commission has cleared 2.4 bln eur in aid given by the Italian government to postal service provider Poste Italiane between 2000 and 2005, but simultaneously opened a new inquiry into interest rates applied to current accounts from 2005.

Commenting on the aid, the EU executive said the government was ‘fulfilling its public service obligations’.

However, the commission also opened an investigation into the high level of interest rates, financed by the government, applied to customers’ current account funds from 2005.

Funds collected from the current accounts are deposited with the Italian treasury.

The commission said the higher interest rates give Poste Italiane an economic advantage and so potentially distort competition and trade.

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India Post to set up a bank

Posted by | Aug 17, 2006 | |

In a dramatic attempt to wipe out the Rs 1,000 crore deficit that India Post currently runs, it has started work to set up a bank. Tentatively called the Post Bank of India, sources say it will start operating with 30 branches towards the end of this year – next year on the outside.

During the course of the 11th five year plan, the idea is to open 1,500 branches across the country. In many ways, the move mirrors a transformation that was engineered by the Italian postal service.

After years of mounting losses broke its back, Poste Italiana started using its network to run everything, from a bank to selling vacuum cleaners. The gamble paid off and CEO Massimo Sarmi is now spoken of in revered tones.

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9 European Postal Service Providers jointly call for caution in the 2009 reform of postal services

Posted by | Jul 27, 2006 | |

Following the publication of the PWC study on the “Impact on Universal Ser-vice of the Full Market Accomplishment of the Postal Internal Market in 2009”, the postal operators of Belgium, Cyprus, France, Greece, Italy, Hungary, Lux-embourg, Poland and Spain, which account for over 50% of the Community population, express their concern about the study outcomes and plead the European Commission for a balanced approach when drawing up future postal legislation
At the beginning of this month of July, the European Commission published a study undertaken at its request by PriceWaterhouseCoopers (PWC) in order to assess, in each member State, the impact on the universal postal provision of a full liberalisation in 2009.

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The Italian post office delivers profits

Posted by | Jul 21, 2006 | |

By diversifying – by moving into logistics, financial services, and mail-order retail – Poste Italiane has turned its once unproductive infrastructure profitable. Last year mail accounted for less than a third of revenues, which grew 14% over 2004, to 19.5 billion USD.

Net profits jumped too, by 19%, reaching 413 million USD. “Fifteen percent of our revenues are from services that didn’t exist three years ago,” says CEO Massimo Sarmi.

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Poste Italiane distributes 117.8 mln Euro dividend

Posted by | Jun 5, 2006 | |

Italian state-owned postal services company Poste Italiane has decided to distribute a 117.87 mln euro (USD152.6 mln) dividend for 2005, it was reported today after a meeting on the approval of the 2005 figures. Italy’s Treasury and local state financing agency Cassa Depositi e Prestiti (CDP) are shareholders in the company. Poste Italiane closed 2005 with a 349 mln euro (USD451.9 mln) net profit, up 19.4 pct year-on-year.

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