Bank of Ireland Risks Losing Post Office Deal
Tuesday, March 30, 2010 18:26
The Government will signal whether it intends to take away the right of the Bank of Ireland to provide current accounts as well as other banking services in post offices. Under the contract terms, BoI need to offer financial services through the post office network until 2020, drawing half of any profits earned.
Business Minister Pat McFadden and Energy Secretary Ed Miliband will announce the Government’s response to the Post Office banking consultation, which was launched last December.
The venture now has 2.2 million customers and sells about 3,000 credit cards per week. It has been developing a current account for more than a year. However, the consultation of expanding the Post Office’s offer has raised suspicions as it failed to acknowledge the joint venture between BoI and Royal Mail.
But the Government’s plans for post office banking remain ambitious.
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