New player set for Irish banking market
The Financial Services Regulator has today approved the award of a banking licence to Postbank, the joint venture retail banking service between the international financial services provider Fortis and An Post.
Postbank said that the service expects to begin trading as early as next month.
"Now that we are to receive our banking licence from the Irish Financial Services Regulator we can start to finalise our plans for market entry", said Postbank CEO Margaret Sweeney. "We hope to be ready to begin offering products to the public within a few weeks."
Postbank will initially offer savings and investment products, expanding to provide full banking services including current accounts, loans, credit cards and internet banking by the autumn.
Postbank will be represented in more than 200 post offices to begin with and plans to expand through the Post Office network during the next 12 months.
Postbank expects to formally receive its banking licence within a fortnight after some final procedural matters have been dealt with, paving the way for a launch within weeks.
