The Government has approved a proposal for An Post to enter exclusive talks with Belgian-Dutch financial services company Fortis on a joint venture.
An Post and Fortis say that if the talks are successful, they expect to introduce new products to the Irish market early next year.
'This is a highly significant step forward for An Post,' said chief executive Donal Curtin. He said the new venture hoped to provide products which would be accessible to all customers 'including the significant portion of Irish consumers who are currently unbanked'.
An Post said that, with the strength of its brand, its retail network and established reputation in savings, the joint venture was well placed to offer a competitive range of financial products.
An Post appointed consultants early last year to look at possible partners. Four Irish and European institutions presented proposals last Autumn, but An Post said Fortis emerged as the preferred partner because of its proposed strategy and particular expertise in postal banking.
Fortis is involved in banking and insurance. It has a presence in 44 countries and a workforce of 56,000. The company occupies a leading position in banking and insurance in the Benelux countries and also provides retail banking services in France, Poland and Turkey.
