The Irish bank, Bank of Ireland, and the UK Post Office, belonging to the Royal Mail Group, announced on 8th October a financial services joint venture.

The new company, which is expected to start its operations in the New Year, will offer financial products and services, such as personal loans, savings accounts, credit cards, personal insurance and mortgages, under the "Post Office" brand. These products and services will be distributed through the Post Office network, as well as by telephone and via the Internet. The Post Office network in the United Kingdom is one of the most dense in Europe, with more than 16 900 branches. Bank of Ireland, which currently does 30% of its business in the United Kingdom will invest 126 million pounds (176 million euros) in the new company.

This initiative follows an earlier joint venture in March 2002, when Bank of Ireland and the UK Post Office set up First Rate Travel Services, a company specialising in foreign exchange operations.