Poste Italiane, the company which runs the Italian post office, closed 2001 with net losses of 74m euros, 318m euros less than in 2000.
The gross operating margin amounted to about 675m euros and Ebit is positive by 198m euros. In 2000 Ebit was in the red by 52m euros.
Justifying the move: synergies with the banking sector – exploiting existing infrastructure and brand strength
The post office as a retail bank
A profitable practice? Reaping the benefits
Massimo Arrighetti, General Manager, Bancaposta Division, Poste Italiane
The state-owned Italian postal service is looking towards a bourse listing, but not in the short term, Communications Minister Maurizio Gasparri said on Monday. The post office has set its sites on an initial public share offer as it has succeded in narrowing a 1.4 billion euro ($1.23 billion) 1997 loss to about 100 million euros last year amid an effort to modernise its offices and offer more sophisticated banking services.
Read MoreEuropean Commissioners are to clear Italian aid of nearly 9 bln eur to Posta Italiana this afternoon, as well as 13 mln eur to the Irish post office, competition spokesman Michael Tscherny said.
The decisions are expected to be taken without debate, he said.
Stefano Parisi, general manager of Italian employers’ association Confindustria, has said that it is unacceptable that Italian postal service Poste is still enjoying a monopoly of the sector.
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