Belgian bpost has agreed to sell its remaining 50% stake in bpost bank to BNP Paribas which will become the bank’s sole owner.

Under the sale agreement bpost will continue to offer bpost bank services through the post office network for the next seven years. All services currently offered through bpost will continue.

The transaction is set for completion by the end of 2021 subject to regulatory approvals.

As well as customers being unaffected for the first seven years, the same agreement maintains the same or better pay and conditions for bpost bank employees, who have been reassured the agreement will not result in an attack on pay and conditions.

BNP Paribas and bpost set up the bank in 1995 under the name Banque de la Poste and since then the bank has become an established Belgian retail bank.