Spanish Correos Buys 297 New Vehicles for 2.5 Mln Euro
Spanish state-run postal services provider Correos bought 297 new vehicles for 2.5 mln euro ($2.9 mln) in order to renew and increase its fleet, the company said on November 25, 2005.
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Post office banking delivers
European banks have been slow to exploit the distribution capabilities of domestic post office networks, focusing instead on the expansion opportunities provided by organic growth and mergers and acquisitions (M&A), said Carl Holsters, member of the executive committee of the Belgian Post Group, speaking at VRL’s International Retail Banking Forum (IRBF) last month.
And with revenues from postal services shrinking, the contribution made by retail financial services is becoming increasingly significant, helping European post offices prepare for full deregulation of the postal sector in 2009, when they will lose their national mail monopolies.
Read MoreSpanish Correos to spend 252 mln Euro on improvements 2006
Spanish state-run postal services provider Sociedad Estatal Correos y Telegrafos SA (Correos) plans to spend 252 mln euro (USD300.8 mln) on the construction and renovation of post offices and on the automation and modernisation of its postal services in 2006. Investments in the construction of new post offices or in the renovation of the existing ones will stand at 135.7 mln euro (USD161.9 mln). Over 43 mln euro (USD51.3 mln) will be spent on implementing new technologies. Correos will also earmark 32 mln euro (USD38.2 mln) for buying office furniture, security equipment and new delivery vans.
Almost half of the financing will be allocated for the regions of Valencia, Madrid, Andalusia, Catalonia and the Basque region.
Portugal CTT likely to make new acquisitions in Spain
Portugal’s postal operator CTT-Correios de Portugal has an option to make new acquisitions on the market in Spain, it was reported on October 11, 2005.
Investments in new acquisitions on the Spanish market are estimated to amount to between 8.0 mln euro (USD9.6 mln) and 10 mln euro (USD12 mln), CTT’s chairman, Luis Nazare, said.
The option is part of the acquisition of Spanish express mail operator Tourline Express by CTT in the middle of the 2005 summer.
Read MoreSpain Correos sees 2006 revenue at 1.971 Bln Euro
Spanish state-run postal services provider Correos y Telegrafos (Correos) eyes a revenue of 1.971 bln euro (USD2.36 bln) in 2006, a 3.1 pct year-on-year increase, the company’s chairman, Jose Damian Santiago, said on October 11, 2005. Income from telegraph and fax services is expected to rise 3.8 pct, revenue from non-postal services is forecast to increase 8.0 pct, revenue from distributing communal services post is seen to rise 12 pct and postal services revenue is forecast to rise 2.9 pct. Correos also forecasts operating costs of 1.812 bln euro (USD2.17 bln). The figure includes the investments planned by the postal services provider, Santiago added. Correos has earmarked investments chiefly in the quality of the postal services provided.
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