A ten-year banking and insurance services contract signed between Czech Post and ČSOB
A ten-year contract for the provision of banking and insurance services between Czech Post and the ČSOB Group has been signed in the premises of the main post office in Prague today. The contract is to take effect on 1 January 2018. It will enable the parties to continue their co-operation under the brand Postal Savings Bank, which has lasted for a quarter of a century. The partnership will result in a significant increase of Czech Post’s revenues and profitability growth, the ČSOB Group’s investment in the order of hundreds of millions of Czech crowns, and increased number of specialised post office counters by up to 60%. The current contracts with Czech Post to provide financial services expire at the end of 2017.
The contract was signed by Milan Elkán, Czech Post’s Director General, and John Hollows, Chairman of the Board of Directors and CEO of ČSOB, in the presence of Milan Chovanec, Czech Minister of the Interior.
Czech Post is a state-owned enterprise that provides postal services and has about 32,000 employees, which makes it the largest domestic employer. The Postal Savings Bank serves almost 2 million clients. The ČSOB Group is one of the three largest financial services providers in the Czech Republic and the leader on the mortgage, building savings, private banking and leasing market with a balance sheet total of 1.4 billion Czech crowns.
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