bpost sells stake in bpost Bank to BNP Paribas

Belgian bpost is to sell its 50% stake in bpost Bank to its joint venture partner, BNP Paribas Fortis banking group, with which it has owned the bank for over 25 years.

The non-binding pre-agreement will still mean that bpost offers bpost bank banking services to customers through its post office network, and take revenue as a banking services provider initially for seven years. The postal operator has not agreed a price for the sale, but the net asset value of the bank is expected to range between €100 million – €120 million.

In a statement, bpost said, “Pricing for these banking services is subject to further discussions. However, we currently do not expect a material deviation from the revenues under the new commercial agreement than we could have expected under the existing agreements with BNPPF and bpost bank, subject to bpost sales performance and the market circumstances.”

A formal agreement is set to be completed in March this year with the transaction set for completion by the end of the year pending regulatory approvals and other customary conditions.