Today, Bank of Ireland and the UK Post Office are announcing that we have agreed a new contract and operating model for the joint venture financial services business that will see our relationship extend to 2023.
 

The Post Office Financial Services (POFS) relationship has delivered over 2.8 million customers, a savings book of more than £17bn, a loan book of c. £3bn and a comprehensive range of financial services products, including savings accounts, mortgages, motor, home and life insurance and credit cards.
 

Bank of Ireland and Post Office aspirations continue to be to build on the excellent current foundation of POFS and develop a recognised consumer financial services brand in the UK that is a serious alternative to the major UK banks.
 

Under the new agreement, the relationship will move to a direct Post Office / Bank of Ireland relationship.  Bank of Ireland will continue to be responsible for product development and delivery.  Post Office will continue to have primary responsibility for product sales and marketing and ensuring all customer interactions meet Post Office’s brand values.

Today, the venture between the Post Office and Bank of Ireland UK serves over 2.8 million customers and has a savings book of more than £17bn. No other financial services offering in the UK market combines such a depth of financial product expertise with a truly national customer reach.

Through its established and unparalleled network of over 11,500 branches, the Post Office ensures its financial products and services are accessible to customers via direct contact and face-to-face consultation anywhere in the UK.

Commenting on today’s announcement Des Crowley, Chief Executive Retail UK, Bank of Ireland said: “Since forming this partnership in 2004, Bank of Ireland and Post Office have shared the same values, ambitions and commitment to customer satisfaction, all of which have contributed to building a strong brand and transforming the Post Office into a major provider of financial products and services.  This agreement builds on these strong foundations and we look forward to focusing on further long term growth with the Post Office in the future.”

Please find attached the official statement.

For further information, please contact:
Sharon McDonnell, Bank of Ireland
+353 76 623 4784 / [email protected]

Note about Bank of Ireland UK

Since its incorporation in the UK in 2010, Bank of Ireland UK, which includes its partnership with Post Office, has been a wholly owned subsidiary that is authorised and regulated by the FSA.  As such, all retail deposits up to £85,000 with the Post Office are protected under the UK’s Financial Services Compensation Scheme and ring-fenced in the UK; this means that all deposits taken through Post Office Financial Services (retail and business) are lent in the UK. In November 2010, Bank of Ireland received the explicit support of the UK Coalition Government for its continued partnership with the Post Office.