The first of a number of financial services products is now available from the joint venture between Bank of Ireland and the UK Post Office.
The unsecured personal loan product can be obtained from the Post Office's 16,500 branches throughout the UK, one of the largest retail networks in Europe.
Bank of Ireland will invest £125m sterling in the venture over the next 10 years to provide core infrastructure and start-up costs. The venture is equally owned by the Post Office and Bank of Ireland with profits split evenly between the two.
Further products to be launched later this year included a motor insurance and savings product.
'We are very encouraged by the early pilots,' commented Patrick Waldron, CEO of the joint venture.
'Research shows that of those who have taken loans to date, 78% felt that it was very good to see the Post Office offering financial services,' he said.
'We believe that the partnership between the two companies will develop into a major player in the UK financial services market over the next few years,' he added.
