Post Office and Bank of Ireland announce extension of Post Office Financial Services joint venture to 2020

Post Office Financial Services and Bank of Ireland today (31 May 2007) announced that they have agreed to extend their joint venture (Post Office Financial Services - POFS) to 2020. This comes as Post Office Financial Services confirms its position as the fastest growing financial services provider in the UK, signing up its millionth customer just three years after its launch.

Speaking at the announcement of Bank of Ireland Group's preliminary results for the year to end March 2007 in Dublin, Chief Executive, Brian Goggin said:

"In Post Office Financial Services we now have over 1million customers, having added 540,000 since May 2006. We have also reached a number of other landmarks:
- We have 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."

Brian Goggin continued:
"The success of the business to-date and our confidence in the potential for growth in the future has resulted in us extending our agreement with the Post Office from 2014 to 2020. Together we are committed to building the most dynamic new financial services business in the UK. The opportunity is significant. Through the introduction of dedicated financial service areas in branches, with skilled advisors; continued product innovation and channel investment - we will more than treble our customer base in the next 5 years."

"Our overall partnership with the UK Post Office comprises, in addition to our retail financial services joint venture, the supply of personal foreign exchange where we are the leading provider with a 30% market share in the UK and an ATM network where we are in the process of rolling out 4,000 ATMs." Brian Goggin concluded.

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 24 million customers a week will be key assets in our drive to win and retain business."