It was to this end that the Government recently gave its approval for An Post to enter into a joint venture agreement with Belgian Bank, Fortis to set up a retail banking business. This will entail the provision of a range of financial services operated through the post office branch network, using the An Post brand and other An Post assets. Key to the Government approval of this joint venture was that it not only offers a real opportunity for the growth and development of An Post and the post office network but that it will, in time, greatly benefit the income streams of postmasters.
In regard to the automation of the network, there are currently 386 non-automated post offices in the country which account for just over 2% of the current business of the network. The company has recently completed a pilot project in which ten smaller post offices were fully automated. It is intended to evaluate the business generated and the income gains in these newly automated offices, in order to see if there is a justified commercial case for further automation of non-automated offices. While merchandising of joint venture products will be available throughout the network, servicing of certain products will not be available at the non-automated offices. However, given the relatively low level of business conducted at these offices, the company does not envisage that the operation of the joint venture will be adversely affected by the non-automation of the entire network.
