Tag: Singapore Post

Singapore Post has said it plans to distribute retail financial products and related services through its post offices in order to extend its services.

‘Logically, it is the next step for SingPost to leverage our strengths in distribution to provide these customers with a wider variety of financial services, thereby maximising the use of our company’s capacities,’ SingPost CEO William Tan Soo Hock said.

Singapore’s dominant postal services group, Singapore Post Ltd (SPOS.SI), said on Monday third-quarter profit was down 4.9 percent against the same period a year ago, which had been boosted by an asset sale. SingPost, a 31 percent-owned unit of Singapore Telecommunications Ltd (TELE.SI) , said net profit was SD27.6 million (D16.24 million) for the three months ended December 31, against SD29 million a year earlier.

Singapore Post is looking at the possibility of selling mutual funds, insurance and other financial products through its network of post offices to boost its non-postal revenue.

Quoting a source, Streats, a freesheet distributed at subway stations, said former Oversea-Chinese Banking Corp. banker Victor Ow had joined SingPost on a part-time basis with “the mandate to develop SingPost’s distribution business for third-party financial products.”

Singapore’s dominant postal services group, Singapore Post Ltd, has announced a 9.5% fall in second-quarter net profit at S$24.19 million from a year ago.

Last year’s net profit for the same quarter was S$26.75 million.

SingPost’s revenue fell 2.3% to S$89.2 million as international mail revenue dropped.