Fortis and An Post have signed a Memorandum of Understanding with a view to creating a financial services joint venture.

13 April 2006

Both parties expect to sign the final agreement by this summer.

No further comment on the negotiation process will be made.

An Post is a major commercial organisation providing a wide range of services which encompass postal, communication, retail and money transmission services. It is one of Ireland’s largest companies directly employing over 9,600 people through its national network of retail, processing and delivery points. It provides agency services for Government Departments, the National Treasury Management Agency, An Post National Lottery Company and many other commercial bodies. An Post manages a network of 1,450 post offices employing 4000 people, a fleet of 2,900 vehicles and 4,500 post boxes.  The company is a limited liability company, incorporated under the Companies Act, 1963 to 1983. One ordinary share is held by the Minister for Finance and the remainder of the issued share capital is held by the Minister for Communications, Marine and Natural Resources.

Fortis is an international financial services provider engaged in banking and insurance. We offer our personal, business and institutional customers a comprehensive package of products and services through our own channels, in collaboration with intermediaries and through other distribution partners.
With a market capitalisation of EUR 37.34 billion (31/01/2006), Fortis ranks among the twenty largest financial institutions in Europe. Our sound solvency position, our presence in 44 countries and our dedicated, professional workforce of 56,000 enable us to combine global strength with local flexibility and provide our clients with optimum support. More information is available on www.fortis.com