Post Office Financial Services agreement extended to 2020
Post Office Financial Services and Bank of Ireland have agreed to extend their joint venture (Post Office Financial Services – POFS) to 2020.
Post Office Financial Services said it holds the position of fastest growing financial services provider in the UK, having signed up its millionth customer just three years after its launch.
Bank of Ireland chief executive, Brian Goggin commented: “In Post Office Financial Services we now have over 1m customers, having added 540,000 since May 2006. We have also reached a number of other landmarks: Over 500,000 insurance customers, we insure 1 in 200 homes and 1 in 50 cars in the UK, we have 275,000 savings customers – and almost £2 billion in deposits, our innovative 2-in-one credit card has attracted over 200,000 customers.”
Goggin added: “Together we are committed to building the most dynamic new financial services business in the UK. The opportunity is significant.”
“Together we are committed to building the most dynamic new financial services business in the UK. The opportunity is significant.
Brian Goggin, Bank of Ireland chief executive
Post Office managing director, Alan Cook commented: "The extension of the Post Office's partnership with Bank of Ireland is great news for our customers and our people. It is vital that we continue to grow our financial services business in order to create a long-term sustainable branch network in the future.
"The fact that we have secured one million customers in just three years demonstrates the success of our financial services product range, which offers customers great value and a fair deal.
"The Post Office's reputation for trust and its unique nationwide branch network serving 24m customers a week will be key assets in our drive to win and retain business."