Not long after Halifax announced they were getting out of Ireland – now another retail bank – Postbank are doing the same.
Postbank is to be “wound down” before the end of 2010 and they will not be taking on any new customers as of March 1st 2010.
Postbank was set up as a joint venture between An Post and Belgain bank Fortis in early 2007, with former AerRianta chief executive Margaret Sweeney at its helm. In May 2009 French bank BNP Paribas took control of Fortis.
Postbank also trade as One Direct and provide Car, Home and Life Insurance in Ireland – itt is estimated that Postbank has about 170,000 customers.
Postbank chief executive Margaret Sweeney said “Existing customers can conduct their affairs as usual, and customers can be assured that their savings are fully secure,” she said.
The bank said it would be writing to customers in the coming weeks and they do not need to take any action at this point. It would continue to be “business as usual” for existing Postbank, One Direct and Postpoint customers.
Customer deposits continue to be covered by the Deposit Protection Scheme and the Government Guarantee Scheme.
Today’s decision does not affect An Post savings accounts which will continue to operate as normal. Customers with any concerns or questions can contact Postbank on 1890 30 30 40 .