On the way to the post-alliance with Fintech

Vienna. For months, La Poste had been looking for a new banking partner, which would replace the outgoing Bawag, in order to offer financial services via its branch network. However, the state company did not find it. Therefore, a separate bank should be created – together with the German group Fintech Group AG, presented in September as a joint venture partner. But nothing will come from this cooperation.

On Tuesday, Swiss Post announced in a non-coveted press release that the Germans had committed to "refraining from the planned creation and capitalization of a 50/50 joint venture for the provision of financial services ". What the partnership failed was not communicated. However, the press release pointed out that Swiss Post was still pursuing its objective of offering banking services to its customers.

After the sudden end of the close alliance with the Fintech group, it means for the post office: a return to the beginning. "How will this happen, it will be decided in the coming months," said a spokesman for the post. Anyway, the Post still has time to find a solution, whatever it is. The cooperation with Bawag officially expires at the end of 2019.

The fact that the Fintech group, which operates as an online broker with the Flatex brand in Austria, does not work, leaves many observers wanting. Until two weeks ago, when Georg Pölzl, CEO of Post, presented the balance sheet of the third quarter, it was actually a failure of the alliance with the Germans . This was "not an option," Pölzl said, adding that they wanted to enter the market in mid-2019 with a bank.

As it should be heard in the financial circles, this calendar should have been too ambitious for the Germans. In addition, the Austrian news agency has also reported rumors that the bank concession procedure with the Financial Markets Authority (FMA) would have taken so long that it would not be necessary. not approved until 2020. A spokesman for the FMA rejected this proposal.

Publish the part loses
A bank with more than 200 million euros of equity would have been planned. The post office provided infrastructure and distribution services – through its network of 433 own sites and 1351 postal partners – and Fintech Group IT services. On the Vienna Stock Exchange, the share fell Tuesday 2.7% to 32.66 euros.