Loan News Post Office To Launch New Financial Services

09 October 2003

Royal Mail plans to offer 29 million customers a new range of mortgages, credit cards and other personal finance products through the UK’s 17,000 post office branches.

The Post Office, in a £125 million tie-up with Bank of Ireland, wants to carve out a niche market in savings, loans and insurance products.

David Mills, CEO of the Post Office, said: “If we get 1 per cent of the UK personal finance market we would be very happy and if it’s 5 per cent we would be delirious.

“We are going to compete head-to-head with the big banks and building societies. We’re not going to compete with the likes of Smile or Egg or other internet-based products.”

The Post Office will launch a pilot trial next week in the Midlands with the view to rolling out the services early in the New Year.

The venture has an initial term of 10 years.


Written by Editorial Team