Dutch-Belgian financial services group Fortis said today that it expected to sign a joint venture deal with An Post by the summer. Fortis said it had signed a memorandum of understanding with An Post.
'Both parties expect to sign the final agreement by this summer,' Fortis said in a statement, adding that it would not comment further on the negotiations.
Fortis, which is listed in Brussels and Amsterdam, has been targeting expansion outside of its home Benelux market. It is involved in banking and insurance and has a presence in 44 countries with a workforce of 56,000. It also provides retail banking services in France, Poland and Turkey.
In February, the Government approved a proposal for An Post to enter exclusive talks with the company on the joint venture. The two companies said that if the talks were successful, they expect to introduce new products to the Irish market early next year.
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.
