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The planned cooperation between Post AG and FinTech Frankfurt will not work. It was agreed to withdraw from the creation of a joint venture, said Tuesday the Post Office.
The details of why the collaboration did not take place were not mentioned. The objective of continuing to provide financial services to customers through the branch network is, however, to further develop the postal service. The majority public company seeks BAWAG P.S.K. a new banking partner.
Years of partnership between BAWAG ended prematurely
BAWAG, which is owned by financial investors Cerberus and GoldenTree, terminated its long-standing partnership with the Post Office prematurely through the co-operation of Postbank branches. The Wiener Geldhaus has paid a single payment of 110 million euros to the Post Office. The head of the Post estimated that BAWAG's annual business volume was 50 to 60 million euros of conversion.
The Post then negotiated with several banks and financial service providers. According to a press article, cooperation with Commerzbank was also under discussion. In the autumn, Swiss Post has agreed to cooperate with the FinTech group in Frankfurt.
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