Bank of Ireland welcomes UK Government’s announcement on the future of the Post Office

Bank of Ireland welcomes the announcement by the UK government today that the Post Office would strengthen its relationship with Bank of Ireland for the provision of financial products and services.

Bank of Ireland is the exclusive joint venture partner of the Post Office for the provision of financial products and services in the UK and has been since 2004. Bank of Ireland is a committed, long-term partner in Post Office Financial Services, and has invested £200 million during the past six years, including a significant investment in building service and sales capability in the Post Office network.

On 1 November Bank of Ireland completed the transfer of its main UK banking businesses into a new, wholly owned UK subsidiary of the Group, Bank of Ireland UK. This demonstrates Bank of Ireland’s commitment to growing its business in the UK. It also ensures that retail deposits with the Post Office and Bank of Ireland in the UK are protected under the UK’s Financial Services Compensation Scheme.

Bank of Ireland is contracted to provide financial products and services available at the Post Office until 2020 and is committed to supporting the new products and services that are envisaged under the government’s proposals for the Post Office.

This partnership has increased the provision of straight forward and transparent financial products that provide good value for money, established over 2,000 free cash machines, and delivered significant financial support to the Post Office network.

Today, the Post Office provides a broad range financial services and products to over two million customers. The product range includes savings accounts, mortgages, credit cards, foreign exchange and insurance products for consumers and SMEs.

For further information please contact:
Audrey Nolan
Bank of Ireland
Tel: +353 766 234 780
Audrey.nolan@boimail.com

Karen Le Cannu, Powerscourt
Tel: 020 7250 1452
Karen.lecannu@powerscourt-group.com