Volume 1, Issue 9 01.11.2005

INTERNATIONAL COMMISSION FOR POSTAL FINANCIAL SERVICE BUSINESS /ICPFSB/ PostPost €€ FinFin -- NewsletterNewsletter

Special points of The Posts of Romania and Moldova - interest: new ICPFSB members

• Upcoming World Summit on the Infor- mation Society (WSIS)

• The Post a key point of access to the out- side world

• The post office a hub for electronic and financial ser- vices

• Time-certain money transfers at reason- October 7, 2005 - [ICPFSB Moldovei) and Romania was taken and a position of a able rates Secretariate] (Romanian Post) to join the permanent member of the Commission as regular mem- Secretariate was constituted. • The importance of “The ICPFSB’ initiative for bers. They listened to and dis- Mr. Yurii Spiriev, an Inde- international migra- partnership between the cussed the report for the activ- pendent consultant and Ex- tion postal operators and ity of the President and ICPFSB’ pert on International postal/post related com- secretariate. Some changes Postal/PF Services from Bul- Inside this issue: mercial banks continues to were discussed and accepted in garia, was elected such mem- develop. This development is the Constitutional Charter so ber. based on the new “open” plat- that better conditions for the form, accepted in Brasov, Ro- Commission’s future function- The Forum discussed and Romania to Sell Off 4 mania (February 2005) for the ing be created. accepted the main strategic State Postal Company purposes of interaction between directions for the Commis- the key stakeholders - postal A new position of Expert on sion’s future activity and Financial services are operators, postal and other Postal Financial Services /PFS/ approved a concrete Activity not an add-on but core service for Pol- 6 post related commercial banks. was introduced into the man- plan and a respective budget ish Post agement body of the Commis- for 2006. The main objective is the provi- sion. His/Her role would be to The Group of EFG sion of more PFS/and banking support the President in inten- The invitation of Moldova Eurobank - new ma- services through the post office was accepted and the next jority shareholder of 10 sifying the links between Com- Nacionalna Štedionica network and expanding its ac- mission, UPU, postal /PF ser- GA meeting is to be held in cess to financial services via the vices of the member countries the autumn of 2006 in Chisi- Post Danmark and postal system. nau, Moldova. The host of the CVC to Invest in the and other institutions con- event will be Posta Mold- Belgian Post 18 cerned. The Forum elected Mr. The Second ICPFSB Gen- Dairis Krumins from Latvia for ovei.” Live Tele Money Or- 21 eral Assembly (GA) meet- that position der (TMO) production ing was held on October 5- 6, 2005 in Riga. On sugges- With a view to better planning Japan Post Starts 26 ICPFSB Selling Investment tion of the ICPFSB President and implementation of the Trusts under Agenda item 1 the dele- functions of the Secretariate, Secretariate gates approved the appli- which were included in the Con- cations of Moldova (Posta stitutional Charter, a decision Volume 1, Issue 9

New horizons for interaction between ICPFSB and UPU - POC PFSG

20 October 2005 - invited to visit the Commis- readiness shared for ex- [ICPFSB Secretariate] sions’ web site at change of information and www.icpfsb.org more fre- support of these initiatives. “ICPFSB took part in the quently - a useful source for UPU could provide appro- regular meeting of UPU up to date information about priate lecturers on some is- POC PFSG. The aim was to the latest developments sues of importance to UPU reestablish and put on a new /news/ in the area of like IFS deployment, money In her speech basis the existing contacts postal/PFS and laundering, etc. and interaction between postal/commercial banking during the Forum both organizations in sup- services, provided via post A possible UPU financial Mrs. E. Petculescu, port and for the achievement office networks. support for some developing the ICPFSB of the UPU goals in this area. countries was com- In a number of bilateral mented/discussed, regard- President, brought In her speech during the meetings the representatives ing their eventual participa- the attention of the Forum Mrs. E. Pet- of the Commission intro- tion in the ICPFSB initiatives audience to the culescu, the ICPFSB duced to the European and (esp. the above mentioned results of the President, brought the Central Asia (ECA) coun- training courses). Second GA meeting attention of the audience tries, present at the meeting, to the results of the Sec- the idea for organizing a Undoubtedly the established of the Commission, ond GA meeting of the special training course. The contacts are a prerequisite recently held in Commission, recently key topics of the program for further development. The Riga, Latvia held in Riga, Latvia. She will cover some important future activities will be con- presented the last aspects of PFS development centrated on finding more changes on the Constitu- and some operational, IT opportunities for coopera- tional Charter and the and marketing issues. The tion and accomplishing the new Strategy directions course is targeted at some goals of both organizations - for the future activity of selected staff members from implementation of the rec- the Commission. both the postal operators ommendations made in the /PFS providers, postal and Bucharest Congress A special CD containing the post related commercial resolution C 47. “ first four issues of the banks. ICPFSB News Letter, has been distributed among par- On behalf of UPU interest ticipants. They have been has been expressed and

The Post Bank is included in the open stock market of the Varajdin Exchange

31 October , 2005 - For the sake of brevity: be the third bank in [Business.hr] HPB-R-A; Full name: Croatia CROATIAN POST BANK “Today at the request of PLC; Address and head- Zagreb - The Croatian Today at the re- the broker's house quarters: URISHCHEVA Post Bank (CPB) has re- quest of the broker's I.F.C.d.o.o. Zagreb new 4 10000 ZAGREB; Regis- alized a profit before tax house I.F.C.d.o.o. securities are included in tration No. 3777928; of 104,2 Million HRK Zagreb new the open stock market: ISIN: HRHPB0RA0002; during the first eight securities are Original Capital: months - stressed out in included in the open The Croatian Post Bank 584.779.800, 00HRK Friday the Chairman of stock market: Zagreb HBB-RA. (Croatian Kuni); Restric- the Managing Board Mr. tions in the disposition Yossip Protega. The Croatian Post The first trading day is with the shares: the Bank Zagreb HBB- Monday, October 31st, shares are included in Along with the bank re- RA 2005. SDA 12.12.2000; Issuer of sults the new CPB visual the request for inclusion: identity has been pre- Key data about the issuer: I.C.F. OOD Zagreb sented.

Page 2 In five years we shall Speaking of the activity Volume 1, Issue 9

The Post Bank is included in the open stock market of the Varajdin Exchange (cont.) during this year, Mr. grown with interest rates Croatia Bank joined CPB. Protega stressed out that of 4%, while CPB (has the bank's assets have grown) with interest Protega underlined that increased from 5,5 Bil- rates of 20%. CPB believes that the fact lions HRK at the end of that the Croatia Bank last year to 6,7 billions We intend in future to joined CPB would be the HRK for the first eight grow faster than the best decision for the months. stock market, although Croatia Bank sharehold- we understand that we ers as well as for the "In the forthcoming three won't be able to realize state and for CPB. We intend in future years we plan to be such huge interest rates, to grow faster than amongst the first three emphasized Mr. Protega. If half a year ago Croatia the stock market, banks in realized profit Bank had joined CPB, the although we on capital and in five Protega underlines that small shareholders understand that we years to reach ten per- in 2007 or 2008 CPB will would have been able to won't be able to cent of the bank stock look for capital neces- take part in CPB profits realize such huge market and to become sary for the bank devel- and not in the operating interest rates, the third big bank. opment at the Zagreb loss of the Croatian emphasized exchange by increasing Bank. Mr. Protega We foresee for the five the shares. next years a growth of 100 percent of the finan- This will give the CPB the cial market. opportunity to remain the only big bank, whose This means that the major share is state- share of the bank sector owned. in the GDP will be ap- proximately 40 percent. Frenky Laushich

During the first eight months of this year the bank stock market has

Sviaz-Bank demonstrates high growth of its basic quantitative indicators

26 October, 2005 - points from the beginning of million roubles in working [Finance] the current year. According assets. This allowed the to data from analysts of RCB Bank to occupy 52nd posi- “According to ratings data, ratings, the net assets of the tion. Since the beginning of recently published by IA Bank insreased to74, 7% this year the working assets Rosbiznesconsalting and from January 1, amounting have increased to 80%. Ac- ‘Finance’ magazine, Sviaz- to17 362,80 million rubles. cording to the magazine, the Bank shows a positive dy- amount of credits, given to namics in its quantitative some enterprises and or- indicators. ganizations, made a profit of In ‘Best Bank BranchesTop 8,001 million roubles, which The net assets of According to RCB rating 100’ of October 1, 2005, exceeds more than 3 times st the Bank grew ‘The Most Powerful Banks in Sviaz-Bank occupies 31 the indexes as of January 1, Russia for the first 8 months position. The bank has 31 2005. on 74, 7% of 2005’ Sviaz-Bank occupies regional branches, 8 addi- from January, 1 56th position, moving up tional offices and 23 operat- 2005 with 1 point as compared to ing cash desks. the same rating for the first English abstract half of 2005 and with 23 According to ‘Finance’ magazine ratings as of Sep- tember1, 2005, Sviaz Bank Page 3 reached an amount of 16 917 Volume 1, Issue 9

Elaborations of Minister Zolt Naguy about the Restructur- ing and Privatization of the Romanian Posts

28 October, 2005 - tee, appointed by order of the sumes first of all the disposal [MCIT] Minister. After this process is of the services, which are not concluded a notice in writing part of the main activity of “One of the goals sets in will be sent to the short list of the Posts, and are only addi- One of the goals sets Chapter 20 of the man- the elected applicants and tional activities. This disposal agement programme is they will be invited to receive will prove to be profitable in Chapter 20 of the the privatization of the Requests for offer. both for the company's future management National Company Ro- and for its personnel. programme is the manian Posts till 2008. In what concerns the possi- In this way the Ministry bility to reduce the number of The restructuring and priva- privatization of the of Communications and employees, this issue was tization of the Romanian National Company Information Technolo- settled in April this year after Posts will be made only on Romanian Posts till gies opened the process the strike of the Romanian the basis of the consultant's 2008. In this way of electing financial con- Posts. The way the personnel proposals or of the proposals sultants for the privati- reduction will be conducted of the appointed consultants the Ministry of zation and restructuring will be proposed by the con- if there is a decision taken by Communications of the Romanian Posts. sultant, which will be chosen the Board of Directors in this and Information Till 5:00 PM of October 12th for the restructuring process. respect. The decision taken Technologies 2005, which date was set as a The final decisions will be will be made with the goal deadline, 23 applications made by the Management not to disturb the main activ- opened the process from companies and invest- Board (Board of Directors). ity of the company and the of electing financial ments banks with interna- They will also take into ac- citizen to receive in future consultants for the tional standing were handed count such factors as the high quality services at com- privatization and in. They expressed their in- schedule for transactions, the petitive costs.” terest to offer their consulta- analysis performed and the restructuring of the tion in this process. At the reports presented. Romanian Posts moment the applications handed in are in the process The eventual partnership, English abstract of evaluation by the commit- which will be formed, pre-

The privatisation of the Romanian Post National Company (CNPR) will take at least two year

26 October, 2005 - [ACT Consulting Group, a local vatisation is expected to Media news agency ] partner of the American con- be completed by 2008." sultancy The Boston Consult- "The privatisation of the ing Group, ACT Media news Romanian Post National agency reports. Company (CNPR) will take at least two years, The restructuring proc- said Peter Jansen, Managing ess of the Romanian Post partner of The Bucharest National Company's pri-

Romania to Sell Off State Postal Company

4 October, 2005 - tion and Information Tech- by 2008. [BusinessWeek Online] nology said in a statement it was inviting bids from inter- About 25 percent of the state- Romania's national consulting firms to owned stock would be trans- government on ferred to a fund that compen- "Romania's government assist in the restructuring of Monday launched on Monday launched the the company and interna- sates people whose property restructuring and priva- tional banks who want to was confiscated during the the restructuring tization process of the advise in the privatization of communist regime." and privatization state postal company. the company. process of the state postal company The Ministry of Communica- The government plans to Page 4 sell the Romanian Post Volume 1, Issue 9

$12.25 M World Bank Loan to Azerbaijan Post

24 October, 2005 - istry of Communications and services, implement [AzerTaj] Information Technologies postal transfers, pay- said. ments and other services. Pension and other allow- "According to the credit con- The postal system will be ances, as well as micro- tracts signed between the completely re-constructed credits will be delivered to Azerbaijan Government and and modernized. The post the population through the World Bank, 12,25 million offices will render to the post offices." dollars will be spent for citizens of banking, postal development, the Min- Internet and information

Polish Post lowers fee for utility bills; remains market leader

1 November, 2005 - [PP ] For a single payment exceed- settle their accounts in a post ing 1000 PLN the fee branch will be able to pay “The Polish Posts and amounts to 0,5% of the value less starting October 26th, STOEN have signed a of the payment made. 2005. contract concerning the commission rate for the The commission of 1,75 zloti The goal of the joint activities persons paying their en- in the Warsaw offices and of the Polish Post and STOEN The Polish Posts ergy bills. selected branches of the is to meet the customer's ex- and STOEN have neighboring communities has pectation in what concerns signed a contract The contract includes all post been received only for pay- the simpler and cheaper way offices on the territory of ments, made with original of bill payment.” concerning the Warsaw and chosen offices in STOEN forms. The commis- commission rate its region (the former War- sion taken for payments with for the persons saw district). The fee the other forms has been 2,50 paying their STOEN customers, paying zloti - this is the mandatory English abstract their bills in the post commission in the Posts at energy bills branches, are charged at present. present amounts to only 1,75 zloti. The customers who decide to

The Post Bank is integrated in the Polish Post Network

24 October, 2005 - net income of 22 million zloti the expenses did not exceed [parkiet.com] this year - is the forecast of 58 million zloti. A year ago the Chairman Biech. The sec- they were 10 million zloti By Łukasz Wilkowicz ond half-year is not as good higher. The benefits of the as the first one, when the change made last year in the “The Post Bank is expect- bank profits amounted to Payment Account Chamber ing a new development nearly 15 million zloti. The can be seen best of all in the thanks to the inclusion in total annual result although Post bank. At that time the the Polish Post system will be significantly better exchange of paper documents and the introduction of than the 19 million zloti between the banks stopped The Post Bank is its own outlets in the earned last year. Where does and now the payments are expecting a new Post branches - declared this improvement come made exclusively via elec- development thanks the Chairman Alfred from? tronic means. The result of Biech. Will the plan for co- next year will not be as good. to the inclusion in operation of the Post with Partly this comes from the According to the initial plan the Polish Post PKOBP - a minority share- lower reserves on bad debts. of the Board of Directors it system and the holder of Post Bank represent This result, although, is due will be in the ranges of 8-10 introduction of its an obstacle to this? mostly to the decreased oper- million zloti. “ ating expenses. own outlets in the The Post bank will reach a Post branches Economy of paper English abstract Page 5 During the first six months Volume 1, Issue 9

Poczta Polska May Merge with PKO BP

10 October, 2005 - "We cannot comment on 100,000) may have the [Polish News Bulletin] these proposals, but PKO BP final say. is our natural partner so we "The country's largest will certainly co-operate The unionists say their com- The country's larg- retail bank, PKO BP, and more closely," said Marcin pany should have an equal Poczta Polska(PP) na- Anaszewicz, spokesman for position in the negotiation est retail bank, PKO tional postal service may the PP. process and add they would BP, and Poczta Pol- soon become one com- oppose any attempts at ska(PP) national pany, if Law and Justice Marek Klucinski, the handing over the retail net- (PiS)'s plans are imple- PKO BP's spokesman work to the PKO BP." postal service may mented, writes Rzeczpo- said that a joint task soon become one spolita daily. team has been analyzing company possibilities for closer co- According to the newspaper, operation between the English abstract some PiS representatives companies for several have already discussed the weeks. possibility of a merger with PP managers. The PP employers (over

Financial services are not an add-on but core ser- vice for Polish Post

10 October, 2005 - - brought by the postal ser- The Post bank provides [PM] vices and the following 30% - products and back- by the express logistic ser- ground for servicing the “The Detail project represents vices. The Detail project is a sale and the Post with its one of the important under- huge undertaking. For over a desks for financial ser- takings, assisting the sale of year the joint bank-post team vices provides the distri- financial services in the Pol- is conducting work to pre- bution channel. The Detail ish Post network. pare new solutions. The im- Project represents the first plementation stage, which stage of the introduction in The project is a joint under- has already started, covers the Post network of financial taking of the development the preparation of techno- products of new high quality. strategy of the Polish Posts logical solutions, training, and the Post Bank. The pur- monitoring of the offices with The success of the Detail pose of the project is to estab- separate branches for finan- project implementation lish a contemporary system cial services. will be one of the key ele- for selling the Post Bank ments in the integration products in the Polish Post A new feature introduced in process of the financial branches. During 1 year the the branches (desks) for fi- services of the Post Bank first 125 offices for financial nancial services is based in the capital group of services in the postal upon the following: the Post the Polish Post. branches will become a real- employees gained the author- ity and during the next 3 ity to act on behalf and in the The infrastructure prepared The Post bank years their number will be- name of the Post Bank. So far for this project, the technolo- provides products come 3000. they could only act as inter- gies and solutions imple- and background for mediary in signing contracts mented will be able to serve The new product solutions between the Bank and the to a significant extent to the servicing the sale although will be in sufficient customer. rest of the participants in this and the Post with its number in all post branches group.” desks for financial from the start of the first of- Several thousands of employ- services provides fices for financial services. ees (between 10 and 20 thou- The expected result from the sands) will be trained for the the distribution Detail Project is to speed up needs of the whole undertak- English abstract channel the goal of the Posts: the ing. Motivation bonuses will share of the profits from fi- be introduced for the employ- nancial services to reach ees, as the success of the pro- 30%. The next 30% will be ject will depend on their per- formance. Page 6 Volume 1, Issue 9

Post of Slovenia is introducing new, up-to-date services

11 October, 2005 - vices, which have seen a rise express post. However, only [Slovenia Business Week ] of 127% in the past ten years. new technologies can make the company competitive and "Post of Slovenia has in re- The company is focusing ensure it good business re- The company is cent years successfully on quality, new financial sults. aligned its services with mar- and e-services, and tradi- focusing on quality, ket demand and European tional post services, he One of the biggest challenges new financial and standards, its general man- added. Slovenia's EU entry will be the privatisation e-services, and ager Ales Hauc told STA on was expected to bring in- of the company, which is Sunday. creased competition and dif- entirely owned by the state, traditional post ferent business conditions, Hauc told STA, adding that services According to Hauc, the Mari- Hauc said, pointing to the there are several models of bor-based company is intro- introduction of new services privatisation known in the ducing new, up-to-date ser- such as parcels delivery and EU."

Energy Credit from Postbank

11 October, 2005 - [Press a credit will use for free up to program will enlarge the Release] 20% of the amount on the credit activity of Postbank energy-saving project, but and will reconfirm the role of “Postbank offers Energy not more than 850 Euro. The the bank as a leading institu- credit for increase of the en- allotted funds is granted by tion in retail banking”, says ergy efficiency with promo- “Kozlodui” Fund and will be Mr. Karamanolis. tional conditions till end of used for popularization of the Postbank is one of the biggest 2005. The credits are allowed credit line and for granting banks at the Bulgarian mar- Postbank offers by the households efficiency free support to the debtors ket. Energy credit for program for which Postbank after the successful introduc- increase of the signed a credit line with ing of the energy effective- Postbank is part of the Greek EBRD for the amount of 5 ness projects. EFG Eurobank Ergasias energy efficiency mln Euro. (owning 97.20% of its ac- with promotional The credit line for housing tives). Postbank is one of the conditions till end of The energy credits will be energy efficiency is the first most dynamically developing granted at promotional con- project of its kind in Bulgaria financial institutions at the 2005 ditions till the end of the year directed to the final consumer Bulgarian market and dis- – no administrative fee, re- – the households. This credit poses of a large branch net- duced management fee of extends the credit line signed work with more than 130 0.75 % and a competitive between EBRD and Postbank locations in the country. This interest of 11.9%. The maxi- in March last year for the year the world-famous rat- mum amount of the loan is 15 financing energy projects for ing agency Fitch Ratings 000 BGN with repayment corporate enterprises. increased the credit rating of period of up to 60 months. „Postbank is glad to broaden Postbank to ВВВ, the highest The credits are in support of its good cooperation with possible credit rating in the Postbank is one of improvements of the living EBRD and to offer to its cli- state, and emphasized the the most standards – woodwork, wall ents and partners yet an- stable perspective for the dynamically devel- insulation, floors, roofs, other possibility for a favor- financial institutionл The stoves and cauldrons with able credit product”, stated multiple awards (among oping financial in- wood, solar water-heaters, Philippos Karamanolis, Head them the special award of the stitutions at the Bul- effective gas boilers, thermal of Consumers lending divi- Ministry of Economy for the garian market and pump systems etc. Within the sion at Postbank. internship program, two disposes of a large promotional period the cus- awards for the service “e- tomers will also receive a free According to Mr. Karamano- banking” and the house loan branch network international debit card as lis, this credit line will allow given by prestigious exhibi- with more than 130 well as a free Euroline credit a larger number of final con- tion “Banks, investments, locations in the card. sumers to reduce their ex- money”) are eminent ap- country penses for electric energy by praisal for the introducing of Each household that receives supporting in the same time modern products and ser- the energy efficiency of the vices and for the socially ac- country in general. “This Page 7 tive role of the bank. “ Volume 1, Issue 9

Postbank Opens Its New Branch in Kiustendil

07 October, 2005 - [Press with the wide range of prod- the newest deposit product – Release] ucts and excellent service are Active Money payment ac- to offer our clients European count with profitability of up “Today Postbank inaugu- quality”, commented to 7% yearly interest rate in rates its new office in Kius- Mr. Plamen Petrov, Manager BGN. tendil. The renovated branch of Kiustedil Branch. is located in the center of the The new branch offers a The new branch is town in 10, Liuben Karavelov Postbank will provide special safety vault and a wide built in compliance Str. The event is to be at- discounts and offers at the range of products and ser- tended by the mayor of Kius- new office till October 31st, vices both for companies and with the new tendil - Dr. liudmil Sotyanov, reported by the credit institu- physical persons – house and corporate standards the Municpal Governor tion. Till the end of October, fast loans, credit cards, over- of Postbank – open Liubomir Dermanski, the Postbank Fast Loan is to be draft, deposits, e-banking, spaces, functional Branch Manager Mr.Plamen offered without an applica- fast money transactions, Petrov, Mr. Alexander Vi- tion fee and Postbank House credits for small and medium and modern talis, Head of Postbank Loan – without an applica- enterprises, etc.“ equipment Branch Network Division, tion fee and at 50% discount clients and other official on the management fee. Cli- guests. ents can obtain American Express credit card with 6- “The new branch is built in month free of charge mem- compliance with the new bership and free EuroLine corporate standards of Post- credit card. Clients can also bank – open spaces, func- take advantage of the Bank’s tional and modern equip- summer credits, as well as of ment, which in combination

The Most Dynamic Savings Account

07 October, 2005 - [Press dar month. In a nutshell, you 2,000. Therefore, the Release] deposit whenever and how- more the customer depos- ever much you want and you its, the higher the interest “On Monday, October withdraw whenever and rate offered by Bancpost. 10th this year, Bancpost however much you want. will launch a new prod- There is no mandatory mini- The new savings account uct providing customers mum amount to be kept in is available in all the 147 the opportunity to create the account. Bancpost units country- their own savings plan, wide. On Monday, October The customer may even de- adapted to each individ- 10th this year, ual's possibilities. posit very small amounts of money, except the initial Bancpost will The new savings account minimum amount required launch a new does not have a required for opening the account, product providing which is: minimum or maximum limit customers the of subsequent deposits and does not impose pre- opportunity to established maturities, thus - RON 1,000 for the savings create their own account in RON; enabling the holder to always savings plan, - EUR 500 for the savings have the money within easy adapted to each reach, but at the same time to account in EUR; obtain a good interest on it. individual's possibilities The interest rate offered Moreover, as a novelty, the by Bancpost varies pro- interest rate is calculated portionally with the daily for the balance existing amount deposited and it in the account and is capital- may reach up to 4.5 % ised at the end of each calen- p.a. for deposits of over RON 6,000 and 2% p.a. Page 8 for deposits of over EUR Volume 1, Issue 9

The Best Bank in Romania in Corporate Governance

25 September, 2005 - [Press Release]

“Bancpost was recog- Bancpost nized by the prestigious was recognized by publication Euromoney the prestigious as the best bank in Ro- publication mania in Corporate Gov- ernance. The award- Euromoney as the giving ceremony took best bank in place on Sunday, Sep- Romania in tember 25th, 2005, at Corporate HAY Adams Hotel in Washington DC. Governance

The ceremony was attended by many international fi- the implementation of have had until now as nance and banking officials, the corporate govern- well as of the accuracy ministers of finance, gover- ance system. For us, the with which we applied nors of central banks, presi- granting by Euromoney and observed the corpo- dents of first-rate commer- of this prestigious award rate governance princi- cial banks, who gathered in means the recognition of ple.” the US capital on the Annual the achievements we General Assembly of the World Bank and the Interna- For us, the granting tional Monetary Fund. by Euromoney of On behalf of Bancpost the this prestigious ceremony was attended award means the by Mrs. Elena Petculescu, Honorary President of recognition of the the Bank and Mrs. Her- achievements we mina Apostol, Manager have had until now PR Communication. as well as of the “In my capacity as hon- accuracy with orary president of which we applied Bancpost, I am experi- and observed the encing a great satisfac- corporate tion over this award, much more so as I was governance personally involved in principle

Page 9 Volume 1, Issue 9

The Group of EFG Eurobank - new majority share- holder of Nacionalna Štedionica Banka

30 September, 2005 - retail and SME operations, Istanbul Securities SA. At the [Press Release] continuously improving the end of June 2005, the Group’s quality of the services and total assets stood at EUR 39 “The Group of EFG Eurobank fostering long-term client billion and shareholders eq- has become the majority relationships. The Group of uity at EUR 2.2 billion, while The Group of EFG shareholder of Nacionalna EFG Eurobank intends to its market capitalization is Eurobank has štedionica – banka (NSB) expand the established prod- ca. EUR 8 billion”. become the majority after a successful finalization ucts and services of Nacion- of the Take Over Bid (TOB). alna štedionica – banka, Mr. Theodore Karakasis, shareholder of The TOB for Nacionalna šte- through the introduction of Deputy General Manager of Nacionalna dionica – banka shares was financial products developed the Group of EFG Eurobank, štedionica – banka completed yesterday in other regional markets. referred to the total level of (29/09/05). The Group of the Group’s investment in (NSB) after a EFG Eurobank acquired On behalf of the Manage- Serbia and to future plans for successful 52.5% through the TOB proc- ment of the Group of EFG NSB: “Since 2003, when the finalization of the ess at CSD 3,511 million (ca. Eurobank, Messrs. David Group of EFG Eurobank Take Over Bid EUR 41 million). The Group Watson, International Divi- started its operations in Ser- now controls 62.3% of NSB, sion Director, Theodore bia, it has invested approxi- (TOB) which has a nationwide net- Karakasis, Deputy General mately EUR 95 million. The work of 70 branches. Includ- Manager, Yannis Tegopou- Serbian market is of strategic ing the branch network of its los, International Division importance to us and we in- subsidiary EFG Eurobank AD Director of Strategic Plan- tend to develop further the Beograd, the Group of EFG ning, together with Mr. Bo- potential of NSB in the mar- Eurobank now operates a jan Stanivuković, General ket. Through our operations combined network of 94 Manager of NSB, gave a in the various markets of the branches nationwide, thus press conference in Belgrade, region, we have proven our significantly strengthening today (30/9/05), to the local skills and experience in devel- its position in the Serbian and international press. oping a dynamic and client- banking market. driven retail network and “We believe we gave a very best quality products and The Group of EFG Eurobank good offer to acquire NSB services. We will provide the perceives Serbia to be a mar- shares and we are confident same level of products and ket with great potential and that following our initiative, services through the NSB of strategic importance for a new era begins for the branch network in the very the development of its opera- bank. NSB has a bright fu- near future. One of our first tions in Southern and East- ture from now on. We intend priorities will be to offer ex- ern Europe. The Group to invest further in this bank, tensive training to the em- which has already invested strengthening its capital ployees of NSB so as to get The Group of EFG more than EUR 50 million in base, in the very near future”, them accustomed to our cli- Eurobank perceives the country, through its exist- said David Watson, Inter- ent-centered approach. We ing subsidiary EFG Euro- national Division Director of consider human resources to Serbia to be a bank AD Beograd, intends to the Group of EFG Eurobank. be the basis for our success market with great combine the existing com- and a supreme competitive potential and of mercial base and branch net- Mr. Yannis Tegopoulos, advantage in the market”. strategic work of NSB with its own International Division Direc- know-how, financial strength tor of Strategic Planning of Finally, the General Manager importance for the and significant market ex- the Group of EFG Eurobank, of Nacionalna štedionica – development of its perience, to the benefit of the gave the profile of the Group banka, Mr. Bojan Stani- operations in Serbian institutions, busi- of EFG Eurobank: ”The vukovic mentioned: ”We all Southern and nesses, citizens and the econ- Group of EFG Eurobank feel that the entry of a strate- omy. apart from its significant gic partner, of the quality of Eastern Europe presence in Greece, it already the Group of EFG Eurobank, NSB, will benefit from sig- operates through subsidiary who comes as a majority nificant synergies both in the banks in Romania, Bulgaria, shareholder, is a significant Serbian market and in the Serbia & Montenegro, and as development for the bank region and will aim at be- of January 2006, it aims to and its employees. We are coming one of the leading establish retail banking op- confident it will bring posi- Serbian banks, focusing on erations in Poland. It also tive results, as it will provide has a presence in Turkey the necessary support in Page 10 through securities firm, EFG terms of capital and know- Volume 1, Issue 9

The Group of EFG Eurobank - new majority share- holder of Nacionalna Štedionica Banka (cont.) how. We look forward to of banking products and ser- and, starting from three working with our new strate- vices for individuals, corpo- branches, it has now devel- gic shareholders”. rations and institutions. It oped its network to 24 currently employs more than branches in less than two The Group of EFG The Group of EFG Euro- 14,000 people in Greece and years. Eurobank has bank was founded in abroad and runs a distribu- invested more than 1990, as “Euromerchant tion network of ca. 750 EUR 50 million into Bank”. The Group has branches, 1400 ATM ma- For any additional infor- received high marks chines and other channels, mation you may contact the development of from the most reputable including telephone, elec- McCann Erickson Public EFG Eurobank AD international rating tronic and mobile. The Relations. Beograd, following agencies (Standard & Group of EFG Eurobank de- the acquisition of Poor’s, Fitch and velops its activities in the Moody’s), not only for its area of South and Eastern Contact persons: Marina Postbanka in 2003 financial strength, but Europe and as a member of Grihović 063/ 83-86-398 and, starting from also, for the Group’s cli- EFG Group, based in Geneva, and Tamara Milenković three branches, it ent focus, high level of 063/394539 or by phone it has a direct access to the has now developed services, its heavy invest- European financial markets. 011/ 3283-691, 011/30-34- ment in modern tech- 100. its network to 24 nologies and its profes- The Group of EFG Eurobank branches in less sional and dynamic man- has invested more than EUR than two years agement and personnel. 50 million into the develop- ment of EFG Eurobank AD The Group of EFG Eurobank Beograd, following the acqui- offers a comprehensive array sition of Postbanka in 2003

Postal money orders via the Internet

October 2005 - [Press minal and the bank. The up- and it is a high-quality at- Release] dated version of Internet tribute to the capabilities of terminal gives customers off-line mode (payment with “Since 01/09/2005 the up- new opportunities, namely: card instruments – pocket- dated on-line version of the implementation of payment books, cheques).” Internet terminal NSMEP from a bank card account of for receiving postal money NSMEP and checking the Press-service of Ukrposhti orders via the Internet has status of this account. The 279 83 53 278 49 69 been introduced. The on-line updated version of the Inter- operation implies direct tele- net terminal is fully compati- communication link in real- ble with the previous version time mode between the ter-

Honours for top Post Office® branches

26 October, 2005 - [Press and Joan Thompson were with the praise received from Release] praised by their customers customers for the team’s abil- not only for their excellent ity to offer a one-stop shop. “Two Post Office® branches customer service, but also for In particular, they won plau- Two Post Office® have beaten stiff competition their community spirit in dits for their enthusiastic and branches have from 14,600 branches across raising funds for local chari- informed approach in pro- the UK to take the accolade of ties such as the local air am- viding advice and support on beaten stiff the best in the country. bulance and deaf and blind the 170 Post Office® products competition from associations. and services on offer. 14,600 branches The prize for best sub Post across the UK to Office® went to West Monk- Meanwhile Belfast City Post Office® Chief Executive seaton branch near Whitley branch took the title of best David Mills said: “The take the accolade of Bay. Subpostmasters Andrew directly managed Post Of- awards are a showcase for the best in the fice® branch. The judges the best Post Office® country Page 11 were particularly impressed branches nationwide. The Volume 1, Issue 9

Honours for top Post Office® branches (cont.) record number of entries Three branches each won West Monkseaton Post Of- confirms how communities prizes for outstanding per- fice® branch in Whitley Bay, large and small around the formance in sales and cus- Leasowe Post Office branch® country not only rely on their tomer service. Along with the in the Wirral. local Post Office® branch but overall winners they were appreciate and value the ser- honoured at a presentation Sales Award winners: vice they receive from our lunch in central London. Belfast City Post Office® The Post Office®, in people. branch turn, greatly values The overall winners received Bedworth Post Office® its "The Post Office®, in turn, a gold plaque and a total branch in Coventry customers. We are greatly values its customers. prize value of Ј5,000. All Cross Hills Post Office® We are determined to pro- other winners received a branch in Keighley. determined to vide even better service in plaque and an overall prize provide even future. Our people are at the value of Ј2,250. Prizes were Community Award winner: better service in heart of everything we do. I paid in gift vouchers of the future. Our am proud to pay tribute to- winners’ choice. Gilberdyke Post Office® day to the winners - they branch in Humberside people are at the deserve the accolades they Best Post Office® Category heart of are receiving, not just from Winners Ends everything we do the Post Office® but from their customers." Customer Service Award Issued by Post Office Ltd: Winners: 148 Old Street There were also three special London categories: sales, customer Newington Post Office® EC1V 9HQ service and community. branch in Annan www.postoffice.co.uk

Students need to do their homework to avoid budgeting blues

17 October, 2005 - [Press a budget don’t expect to stick The Post Office® offers Release] to it! fee-free cash withdraw- als to customers banking · 30% of students don’t Almost a third (29%) of with a wide range of high have a weekly budget for students say they try to street banks and building university manage their money by societies. · For six in ten students, taking out exactly the university is their first right amount of cash that All of its 14,600 branches they think they’ll spend offer this service, which al- experience of paying bills The Post Office® each week, but over half lows customers to withdraw offers fee-free cash (54%) tend to round up the exact amount of money As a new term begins at uni- withdrawals to and take a little bit more they require, for example Ј21 versities across the UK, re- customers banking than they need from their rather than having to round search from Post Office® with a wide range of bank account. up to Ј30. Banking has revealed that high street banks almost a third of students and building One way that students can Graham Halliday, Banking (30%) have not set them- societies. All of its budget more carefully is to and Financial Services selves a weekly budgeting 14,600 branches consider where they with- Director, Post Office® plan. offer this service, draw their cash. commented: “Cash is still which allows king for many students. Leaving home to go to uni- customers to ATMs are the most popular Eight out of ten prefer to versity will be the first ex- withdraw the exact method for three quarters of pay for food and drink perience of paying bills for amount of money 18 to 24 year olds preferring using cash and a quarter six in ten students (62%), so they require, for to use them to access their use cash to pay their controlling budgets is will be example Ј21 rather cash*. However, this could household bills. key part of the learning than having to result in many students tak- curve. But worryingly even round up to Ј30 the 42% of students who said ing out more cash than they What students may not real- that they have set themselves really need as ATMs dispense ise is that the Post Office® only Ј10 or Ј20 notes. offers a fee-free cash with- Page 12 drawal service that lets you Volume 1, Issue 9

Students need to do their homework to avoid budgeting blues (cont.) withdraw exact amounts, When you consider the ex- range of other services avail- rather than rounding up to penses that could potentially able by visiting your local the nearest Ј10 - a useful rack up (including books, Post Office®, going online at budgeting tool that could membership to clubs, food www.postoffice.co.uk or by help to manage finances and going out, which can all calling 08457 223 344. The Post Office® throughout the year.” add up to well over Ј100) students may find they need Ends offers a wide range Freshers’ Weeks are now in to do a little more homework For more information please of services to help full swing and the research when it comes to budgeting. contact: students with their also found that almost half of financial needs in- students (47%) think they will The Post Office® offers a spend less than Ј40 during wide range of services to help Lansons Communications cluding Home Insur- that all important first week. students with their financial Liz Willder020 7294 ance, bill payment needs including Home Insur- [email protected] services However, a fifth of students ance, bill payment services Laura Brain020 7294 (20%) are more realistic and and a savings stamps scheme [email protected] expect their Freshers’ Week to help make budgeting easy. Post Office Ltd spending to be in the region Ruth Barker 020 7320 7238 of Ј80. You can find out more [email protected] about these and the wide

Banque Postale to Alter Applic for Future Bank

25 October, 2005 - postal employees with office and sales opera- [Alexandre Counis, Los civil servant status. tions at regional finan- Echos] cial service centers will In the application, La Poste remain outside the bank, mentions service agreements, as will consultants and In order to comply "La Poste, the French which define its relations counter staff in post of- with competition with the future bank from a fices. postal service provider, law, it is envisaged is expected to be forced to legal and from a business carry out some altera- point of view. It is therefore hoped that that La Banque tions to its application the French government Postale will repay for approval of its future In order to comply with com- will reduce the staffing all costs which the petition law, it is envisaged costs on which the ser- banking subsidiary, La parent company Banque Postale, owing to that La Banque Postale will vice agreements are an exceptional contribu- repay all costs which the par- founded, including pen- shoulders to assure tion of 2bn euros which ent company shoulders to sion costs for civil ser- the functioning of its will have to be paid to the assure the functioning of its vants assisting the op- banking subsidiary state as part of the 2006 banking subsidiary. erations of the future budget in connection bank." with future and current The 19,000 employees retirement pensions for responsible for back-

La Poste Reveals Staff Figures for Banking Arm The 900 or so 17 October, 2005 - que Postale will employ The 900 or so workers workers coming [Alexandre Counis, Les around 900 people cur- coming from La Poste from La Poste itself Echos] rently working for the itself will be divided be- will be divided group. tween commercial and between commercial management activities. and management "La Poste, the French Another hundred or so will be activities. Banque state-owned post office, drafted from other La Poste Banque Postale is due to Postale is due to has revealed that its new subsidiaries and will occupy become operational on 1 become operational banking subsidiary Ban- legal roles. January 2006." on 1 January 2006

Page 13 Volume 1, Issue 9

Postbank: The way is cleared for BHW purchase Hameln location to remain / High significance for integration

25 October, 2005 - [Press mann, Chairman of the Man- its with a volume of more Release] agement Board of Postbank, than EUR 16 billion. said: “BHW Group and Post- The way is cleared for bank is a perfect fit. This “We all have reason to enter the purchase of BHW- transaction will create Ger- this new alliance with confi- Holding AG. Deutsche many’s leading financial ser- dence. With its pronounced Postbank AG will acquire vices provider.” The com- sales culture, BHW is bring- the 74.6 percent stake in bined company will be mar- ing an additional quality to the Hameln-based com- ket leader in terms of cus- the Postbank Group, a qual- Deutsche Postbank pany currently held by tomer numbers and key ity that will open new oppor- AG will acquire the majority shareholders tunities,” BHW’s Engmann products, von Schimmel- 74.6 percent stake in Beteiligungsgesellschaft mann added, citing the stra- said. der Gewerkschaften AG tegic benefits of the transac- the Hameln-based (BGAG) and Deutscher tion. Together, the two com- Quantum leap in sales company currently Beamtenwirtschaftsbund panies will be the clear mar- held by majority (BWB). The acquisition “The decisive competitive ket leader in terms of new shareholders of private pensions and customer growth and cost advantage of the combined insurance specialist efficiency for standard prod- group will be the unparal- Beteiligungsgesell- BHW will make Postbank ucts by better exploiting the leled network of distribution schaft der channels. Together with Germany’s leading finan- joint technical platform. Gewerkschaften AG cial service provider for BHW, we will make a quan- (BGAG) and private customers. Henning R. Engmann, Chair- tum leap in selling power. man of the Management Our unique distribution in- Deutscher Beamten- Including the 9.2 percent Board at BHW Holding AG, terface leaves nothing to be wirtschaftsbund desired – neither for our cus- stake acquired from ERGO said: “We regard the transac- (BWB) Group in March 2005 and tion announced today as a tomers nor for us,” said Wulf the 7.8 percent stake held by major opportunity. The part- von Schimmelmann. BHW itself, Postbank will nership with a company as control more than 90 percent successful as Postbank not In addition to the 850 of BHW shares. only provides BHW with a retail outlets which Post- sound base for the future, but bank plans to take over The agreement is subject to also with outstanding oppor- from its parent Deutsche the suspensive condition that tunities to develop our spe- Post AG, it also sells BHW is released from all cific strengths further.” through another more risks related to AHBR, in than 8,000 Post In addition to the particular all guarantees branches. With BHW’s More than 14.5 million 850 retail outlets BHW has granted for AHBR. customers make the com- more than 800 service bined company Ger- outlets, this will create which Postbank The Bonn-based bank expects many’s leading financial the by far largest branch plans to take over the total purchase price for services provider. With network in Germany. from its parent 100 percent of BHW shares 12.2 million customers, Deutsche Post AG, it to be a maximum of EUR 1.79 Postbank already has the At the heart of BHW’s sales billion, thus below BHW’s largest customer base of force are the more than also sells through current market value of more any bank in Germany. 4,200 independent consult- another more than ants who have demonstrated than EUR 2.6 billion. The Now, BHW’s three mil- 8,000 Post transaction will be a pure strong performance in recent lion customers will be branches. With cash transaction and no capi- added to that number. years. Postbank has some tal increase is planned. 400 financial consultants in BHW’s more than The new entity will also hold its Vermögensberatung unit. 800 service outlets, Subject to antitrust and regu- With a total of 4,600 rep- the No. 1 position in the Ger- this will create the latory clearance, Postbank man market for several key resentatives Postbank by far largest aims to complete the legal products. With a volume of and BHW together will transfer of BHW on January more than EUR 46 billion in have one of the largest branch network in 1, 2006. home financing, the two com- mobile distribution arms Germany panies remain unchallenged of any German bank. Creation of Germany’s market leaders. They are also largest financial services number one in savings and With its DSL Bank subsi- provider home-loan savings with a dary, Postbank also is Prof. Wulf von Schimmel- combined volume of EUR 59 strong in third-party billion and in demand depos- home financing and con- Page 14 sumer loans. It has ac- Volume 1, Issue 9

Postbank: The way is cleared for BHW purchase (cont.) Hameln location to remain / High significance for integration cess to a cooperation net- is the No. 2 provider of Von Schimmelmann said: work of 5,500 partners. credit processing “We have grown with BHW supplements this through its so-called our customers and with 1,000 partners in “Credit Competency Cen- reached stability in addition to 4,200 finan- ter.” More than 200,000 terms of growth, reve- cial consultants. transactions are proc- nues and – not to be for- essed by BHW every gotten – employees. Close- Wulf von Schimmelmann: year, with a total portfo- ness to the customer and a “BHW’s independent agents lio of 1.5 million con- tight cost culture characterize The Chairman of the will allow us to exploit our tracts being adminis- our joint self-understanding.” customer potential more in- tered. Management Board tensively; managing our BHW Management Board at Postbank regards multi-channel offering from The efficient financial ser- Chairman Engmann high- the acquisition of one source. This ensures effi- vices platform is fully scal- lighted the fact that “In all BHW as a unique cient coordination of and able for further growth and our activities, we are driven cooperation between all sales represents the basis for by four core ideas: customer growth story. channels and allows us to maintaining cost leadership satisfaction, sales orienta- Similar corporate address all customer seg- with standard products, von tion, product innovation and cultures will ensure ments in an optimal manner. Schimmelmann said. “By willingness to accept perma- a rapid and smooth In the medium term, this will integrating further third- nent change. We thus have a help us to further improve party clients, we hope to gen- great affiliation to Postbank.“ integration, von our cross-selling rate and to erate additional revenues.” Schimmelmann sell more products per cus- Von Schimmelmann is ex- Wulf von Schimmelmann said. Both tomer. pecting significant synergy emphasized the positive pros- companies are potentials resulting from the pects for BHW Group em- In the Transaction Banking transaction. ployees: “We will keep the modern and division, the two companies Hameln location and the successful financial supplement each other well. Integration as success BHW brand,” he said. He service providers “With our large customer factor asked employees to be open base and strong distribution, for new tasks and challenges. and concentrate on we can achieve an even bet- The Chairman of the “It’s very important for us to volume business ter utilization of our back Management Board at convince BHW’s independent with retail Postbank regards the offices. We have the most financial consultants that customers in efficient technical platform of acquisition of BHW as a they have excellent opportu- any financial services pro- unique growth story. nities in the new company. Germany vider and the transaction Similar corporate cul- For them, Postbank’s large allows us to realize addi- tures will ensure a rapid customer base and the ex- tional economies of scale,” and smooth integration, tended product range repre- said von Schimmelmann. von Schimmelmann said. sent considerably improved Both companies are mod- sales potential. Postbank has become the ern and successful finan- No. 2 provider by in- cial service providers sourcing payment trans- and concentrate on vol- actions from third-party ume business with retail clients. Similarly, BHW customers in Germany.

Postbank uses new software for savings accounts Migration to SAP platform implemented without a hitch

17 October, 2005 - [Press program. Transaction Banking at Release] Deutsche Postbank AG. Postbank has The migration went without transferred the “Postbank has trans- a hitch. “The new software Postbank is the first management of its ferred the management represents a significant extra large German bank to of its 17 million savings component for our transac- use consistently the stan- 17 million savings accounts to the new SAP tion platform,” emphasized dard software in its core accounts to the new “Deposit Management” Dirk Berensmann, member of banking area. SAP “Deposit the Management Board re- Management” sponsible for Operations and “This provides us with sig- Page 15 nificant cost benefits. Stan- program Volume 1, Issue 9

Postbank uses new software for savings accounts (cont.) Migration to SAP platform implemented without a hitch dardization not only keeps and around 70 million Deposits Management", the actual software costs in transaction items had to Postbank’s core banking check, it also forces us to be transferred to the new system has come a long adopt lean banking proc- system. way. In 2003, the Bonn- esses,” said Berensmann. The based bank migrated the newly introduced software In order to make the migra- management of its customer will enable Postbank to bring tion as smooth as possible for master data and checking Over 17 million new savings products to the customers, a test bank, in accounts to SAP. The com- deposit accounts market more quickly at lower which four hundred staff pany’s lending accounts fol- and around 70 development costs. prepared for the launch of lowed in 2004.” million transaction the new software, was set up items had to be The migration represented a and run for several weeks in transferred to the major challenge for staff re- Leipzig. Just under 3,000 new system sponsible for IT at Postbank: staff are trained in the use of More than EUR 40 billion SAP software. is invested in Postbank savings accounts. Over 17 million deposit accounts In implementing "SAP

Enhancing Postbank's Distribution Platform

6 October , 2005 - [Press stemming from the branch shareholding of Deutsche Release] network is generated in these Post in Postbank is not af- outlets. Talks with the Ver.di fected by this measure. There ▪ Reorganization of union in this matter are be- will be no change in the offer- Deutsche Post's retail ing held. ing of postal services to the network planned customer in the affected This step aims to further en- branches and all legal re- In 2004 alone, ▪ Talks with social hance the sales power of quirements will continue to some 890,000 Postbank, which over the partners are being held be met in the more than new customers past years has become Ger- 12,000 retail outlets through- many's leading retail bank. were won Deutsche Post and Postbank out Germany. The large In 2004 alone, some 890,000 branch network will continue are planning for Postbank to new customers were won. take over and manage some to offer a broad range of ser- Particularly strong growth vices for Postbank customers. 850 retail outlets with has been recorded in product around 9,500 employees categories that require inten- from the beginning of next sive customer consultancy. year. More than 80 percent of Postbank's new business The long-term majority

Finnish postal scheme to be shut down

24 October, 2005 - The main reason behind the Finland Post Pension Fund, [IPE.com] move is so that Posti can con- which would see the transfer centrate on its core business, of its supplementary cover to “The roughly Ђ400m said Pohjola Life’s first vice Pohjola Life. pensions arm of Finland president Ilkka Lohi. Posti - Finland Post Pen- According to Lohi, this sion Fund - will be closed “The transaction allows Posti amounts to 17% with the rest The roughly Ђ400m down following the out- to outsource the pension going to Ilmarinen. sourcing of its entire scheme administration, risk pensions arm of statutory and supple- elements related to longevity The assets will be invested Finland Posti - mentary divisions to Il- and insurance risks like along the lines of Pohjola Finland Post marinen Pension Co. and death and disability and also Life’s general investment Pension Fund - will Pohjola Life respectively. the investment risk.” plan, while the administra- In September Pohjola signed tion will be converted to the be closed down Page 16 a Ђ73m agreement with Pohjola organisation. “The Volume 1, Issue 9

Finnish postal scheme to be shut down deal is important to Pohjola agement.” agement and good third Life and Pohjola is proud to The transfer is due to quarter results - anticipates be chosen as a partner in this take place on December no difficulties in this regard. “ transaction,” said Lohi. 31, and rests on consent from the Finnish Insur- “For Pohjola Life the transac- ance Supervisory Au- tion is favourable because of thority. its scale on economics and its experience the field of pen- Pohjola Life – with Ђ1.3bn sion and personal risks man- worth of assets under man-

AN POST to set up a new banking joint venture

19 October, 2005 - [Irish entered the bidding. ture with the Post Office in Independent] Britain, which got off the It is not known how many ground some two years ago, “AN POST looks to have institutions made it on to the involved a GBP125m up-front got a poor response from shortlist. investment by the bank - Irish financial services' GBP100m for operational providers in its quest to AIB was always expected to purposes and GBP25m pay- set up a new banking put in a bid considering that ment for the licence to use the joint venture. its customers are currently Royal Mail and branch net- able to do cash transactions work. Market sources believe that at 1,000 post offices. AN POST looks to AIB and GE Money are the Bank of Ireland's UK experi- have got a poor only local groups who actu- It is known that there ence has not been a success to ally bid by the closing date of was some interest from date and breakeven has been response from Irish September 19 last. non-Irish banks, but deferred. financial services' market sources do not providers in its If true, this means that Bank believe that the three The rejection rate for its of Ireland and Ulster Bank most actively involved in opening unsecured loan quest to set up a new chose not to bid and submit this market - Rabobank, product was exceptionally banking joint business and strategic plans. HBOS (Bank of Scotland high and prompted a change venture Both are understood to have Ireland) and Danske of focus for the joint venture made it to the shortlist which Bank (National Irish from lending to savings. An Post had drawn up, in Bank) - showed any in- conjunction with advisers terest. Cyril Hardiman McKinsey, in advance of the bidding. The preferred suitor - which All Material Subject to Copy- sources believe has yet to be right Irish Life & Permanent had chosen - will be expected to been surprisingly dropped put up an agreed amount of from this list but there is no capital. certainty that the company would, in any event, have Bank of Ireland's joint ven-

Norway Post signs oversubscribed EUR 500m facility

Bank (Books, Agent), The transaction was 19 October, 2005 - [Press DnB NOR, Nordea heavily oversubscribed Release] (Books, Docs) and and Norway Post opted WestLB (Books). to increase the amount “Norway Post has today from EUR 450m to EUR signed a 7-year EUR 500 The new Facility will refi- 500m. million Multi-Currency nance Norway Post’s existing Revolving Credit Facility credit facilities of 1998 and The facility pays a margin of arranged by Danske 2003 and will be used for 20 bps years 1-5 and 22.5 bps general corporate purposes. years 6 and 7 and a commit- Page 17 Volume 1, Issue 9

Norway Post signs oversubscribed EUR 500m facility (con) ment fee of 30% of the mar- way and is 100 % owned assembly. gin. by the Norwegian State. For more information about In addition there is an utili- It is one of Norway's Norway Post please go to the sation fee of 2.5 bps if more largest companies with following website: than 50% of the facility is approximately 24,500 utilised. Senior Lead Manag- employees. Posten be- http://www.posten.no Posten operates the ers were paid a participation came a limited liability postal services in fee of 10 bps and the Lead company with effect Norway and is 100 Manager was paid 8 bps up from 1 July 2002. front. % owned by the The Minister for Transport Norwegian State Posten operates the and Communications consti- postal services in Nor- tutes the company's general

Post Danmark and CVC to Invest in the Belgian Post

12 October, 2005 - [Press of postal services in Belgium The closing of the transaction Release] in an increasingly competi- is currently expected to take tive market. Longer term the place around year-end. The “A consortium led by Post partners see a number of new shareholder in De Post- Danmark and backed by opportunities for growth of La Poste is Post Invest CVC Capital Partners the business. Europe Sarl, owned equally was today selected by the by Post Danmark and CVC Belgian Government and Under the terms of the part- Capital Partners. the Belgian Post (“De nership and pursuant to the Post-La Poste”) as strate- Joint Development Plan, Post It is expected that Fritz A consortium led by gic partner for De Post- Danmark will second a num- Schur, chairman of Post Post Danmark and La Poste. This strategic ber of postal experts to De Danmark, Helge Israel- backed by CVC partnership is part of Post-La Poste over the com- sen, CEO of Post Dan- plans aimed at modernis- ing years. Based on the ex- mark, Søren Vester- Capital Partners ing De Post-La Poste in periences from transforming gaard-Poulsen, manag- was today selected preparation for the pos- Post Danmark into one of ing director, CVC Den- by the Belgian sible full liberalisation of Europe’s most efficient postal mark and Geert Duyck, Government and the European postal services services in Europe these ex- senior managing direc- in 2009. perts will help De Post-La tor, CVC Belgium will Belgian Post (“De Poste to realize a set of spe- join the Board of Direc- Post-La Poste”) as Under the terms of the part- cifically identified projects. tors of De Post-La Poste strategic partner for nership, Post Danmark and upon completion of the Key to Post Danmark’s suc- De Post-La Poste. CVC will take an interest of cess has been a high level of transaction. 50% minus one share in the staff involvement in the for- This strategic De Post-La Poste in return mulation and implementa- “Post Danmark has come a partnership is part for an investment – via a tion of the restructuring, and long way in modernizing its of plans aimed at capital increase – of EUR Danish operations. I am con- the intention is to adopt the modernising De 300 million to support the same approach as it relates fident that De Post-La Poste group’s strategic plan. The to De Post-La Poste, focusing can benefit from the Danish Post-La Poste in Belgian State will retain the on staff involvement and experience in its preparations preparation for the majority. empowerment by means of for the intensified competi- possible full self supporting teams. Under tion to come. liberalisation of The Belgian State, De Post-La the new ownership structure, Poste and the consortium demanding new targets have The assistance of Post Dan- European postal have developed a Joint De- been set for the business in- mark in the modernization of services in 2009 velopment Plan for the Bel- cluding increasing the next- De Post-La Poste will enable gian Post to improve effi- day-delivery rate to at least the company to improve the ciency and levels of customer 95 per cent and through service to the Belgian public service and to ensure that the modernization and transfor- and to enhance employee Post will continue to play a mation of the retail network satisfaction,” states Johan leading role in the provision to make it more efficient and Vande Lanotte, the Belgian responsive to customer de- Minister of Public Enter- Page 18 mands. prises. Volume 1, Issue 9

Post Danmark and CVC to Invest in the Belgian Post (cont.)

“I have no doubt that we extent on direct staff in- mined to continue our mod- will make an excellent volvement, and I believe ernization program and I am strategic partner to De that our experiences in convinced that the partner- I have no doubt that Post-La Poste. The com- this area can be put to ship with Post Danmark will we will make an pany’s modernization good use in De Post-La become a catalyst for our process is already well Poste”, says Helge Israel- efforts to strengthen our po- excellent strategic underway and we are sen, CEO of Post Dan- sition”, says Johnny Thijs, partner to De Post- looking forward to work mark. CEO of De Post-La Poste. La Poste with its management. Our own progress in “I am very pleased with the Denmark relies to a great agreement. We are deter-

"Quality obsession" pays off for Post Denmark

3 October, 2005 - [ Press Says UPU Director General UPU certification pro- Release] Edouard Dayan: “One of the gramme, introduced in 2003, best ways to encourage im- is to measure the extent to “Post Denmark today re- proved performance is to which quality management ceived the Universal Postal give recognition for a job processes are applied by Union’s certificate for out- well done and that is why the postal services and help raise standing quality of service UPU introduced a certifica- awareness. It applies to ordi- management. UPU Director tion system. Many elements nary international mail. General Edouard Dayan make up good quality ser- Posts that apply for certifica- handed the award over to vice, and certification aims at tion have to respond to vari- Post Denmark’s CEO, Helge ensuring that all the neces- ous UPU questionnaires. This Israelsen, at the World Postal sary ones are in place. The is followed up by on-site au- Business Forum that opened certification gives us an indi- dits by UPU experts. Post Denmark today at POST-EXPO 2005 in Paris cation of Posts’ efforts to im- this morning. prove quality of service. The There are four certification received the more Posts qualify for certifi- levels: basic entry level meas- Universal Postal The UPU is taking quality of cation, the better the interna- ures quality management at Union’s certificate service seriously as it affects headquarters level, level C tional postal network will for outstanding the efficiency of the entire be.” Dayan said the presenta- measures general quality international postal network. tion of the quality manage- management issues and re- quality of service Improving the quality of ser- ment certificate to Post Den- quires a score of at least 80%, management. UPU vice is also one of the main mark confirms its place as a level B 90% and level A 95%. Director General objectives of the Bucharest Level A requires efficient cus- top performer in the quality Edouard Dayan World Postal Strategy of service field and expressed tomer inquiry arrangements adopted by the Universal the hope that it would serve such as websites and online handed the award Postal Congress in 2004. The as an example for other pub- track-and-trace features. over to Post UPU has, over the years, in- lic postal operators.” Denmark’s CEO, troduced a number of pro- As the system does not meas- Helge Israelsen, at grammes such as continuous Stressing the importance of ure quality in absolute terms, quality testing, a worldwide quality, Helge Israelsen com- such as speed and regularity, the World Postal standard for international mented: “Post Denmark has it provides a level playing Business Forum that mail delivery and a quality for many years been field, giving all Posts an opened at link to the terminal dues re- “obsessed” with quality. I equal opportunity to qualify POST-EXPO 2005 muneration system – all believe all Posts should share for certification, irrespective aimed at assisting Posts in this obsession in order to of their level of development in Paris this improving the quality of their ensure an efficient worldwide and infrastructure. Proof of morning postal service. The UPU cur- postal network. As we have this is that developing coun- rently has two certification preached quality and recom- tries such as Ukraine (A), programmes in place to mended measures to improve Jordan (B) and Tunisia (A) measure and recognize per- quality on many occasions, and a least developed coun- formance: one for interna- we felt we should also take try such as Eritrea (C) al- tional service quality man- the medicine ourselves and it ready qualified for certifica- agement and one for the ex- was therefore natural that tion. Denmark (awarded press mail service EMS. we had ourselves tested.” level A certification) is, how- ever, the first postal operator Page 19 The main objective of the from an industrialized coun- Volume 1, Issue 9

"Quality obsession" pays off for Post Denmark (cont.) try to receive the UPU certifi- Post Denmark has already Bowes’ Industry Leadership cation. The Swiss Post has received several awards for Award in May 2005” meanwhile also started the good quality service, such as UPU quality of service man- the Danish Quality Award for agement certification proc- Excellence and the Interna- ess. tional Post Corporation (IPC) quality of service award. Post Recognized as one of the best Denmark CEO Helge Israel- postal services in Europe, sen was also awarded Pitney

PostFinance to create 150 full-time jobs in Zofingen

13 October 2005 - [Press Engehaldenstrasse. To in- nance will move to new Release] crease system security, Post- premises, most likely in mid- Finance is moving one of its 2008. “PostFinance is moving a computer centres to Funken- computer centre and strasse 10 in Zofingen. The Jobs in the regions part of its slip processing geographical separation will operations to Zofingen. reduce the risk of system fail- The new PostFinance site in The new PostFinance site ure due to environmental Zofingen meets all the re- will offer around 150 full- factors (fires, earthquakes, quirements for a modern IT time positions, 80 of power cuts). The new com- base. Zofingen is easily acces- which will be transferred puter centre in Zofingen will sible and can be reached from the branch in Berne also increase security. from Berne, Basel or Zurich and 13 from Lucerne. The in 30-40 minutes by public PostFinance is remaining 50 or so full- 150 full-time jobs in Zof- transport. This additional time jobs will be filled ingen branch in Canton Aargau moving a computer with new hires in the underscores PostFinance’s centre and part of run-up to the occupation As of autumn 2007, the new position as an employer that its slip processing of the premises in the sec- PostFinance site will offer provides jobs throughout operations to ond half of 2007. To date, around 150 full-time posi- Switzerland. Other major PostFinance has oper- tions. 80 of these – primarily sites besides Berne, where the Zofingen. The new ated two computer cen- in the IT field – will be trans- head office is located, include PostFinance site will tres in Berne. The secu- ferred from one of the two Bulle, Lucerne, München- offer around 150 rity of customer systems computer centres in Berne to stein, Netstal, Bellinzona, full-time positions, will be increased by mov- Canton Aargau, mainly af- Biel/Bienne and St Gallen. ing one of these to Zofin- fecting employees who al- The head office of PostFi- 80 of which will be gen. ready live in the greater re- nance will remain in Berne. transferred from the gion and whose journey to Despite moving a computer branch in Berne and PostFinance operates two work will not become longer centre to Zofingen, the head- computer centres at Enge- as a result of the move. Also count will continue to rise 13 from Lucerne haldenstrasse in Berne, in autumn 2007, 13 jobs in both in Berne and throughout which are responsible for the field of payment slip Switzerland. “ customer systems. Moreover, processing will be moved in the event of a system fail- from Lucerne to Zofingen. Information for PostFi- ure, continued operations at The remaining 50 or so full- nance the Bümpliz site are guaran- time positions will be filled teed. The systems handle with new hires by 2007. By Alex Josty around 800 million customer moving its computer centre Media Spokesperson transactions each year, in- and slip processing opera- PostFinance cluding cash withdrawals at tions to a single location, 031 338 85 28 Postomats and ATMs abroad, PostFinance is creating the [email protected] the entire account manage- necessary physical proximity ment with yellownet or pay- for tests and system mainte- ments using Postcard at re- nance. The Lucerne site, with tail outlets. In addition, the the operations centre and IT systems for other units of customer service, will be re- Swiss Post are operated at tained. However, after selling the post office building to the Canton of Lucerne, PostFi- Page 20 Volume 1, Issue 9

De Post/La Poste To Cut 6,640 Jobs by 2010

11 October, 2005 - on October 10, 2005. The sist in 2,200 retirements, [Belgian Business Digest] measure is part of the busi- 1,630 early retirements, ness plan which De Post/La voluntary redundancies "Belgian postal services Poste has worked out with and people who will company De Post/La the national post office Post switch over to part-time Poste will cut 6,640 full- Denmark in the framework work. De Post/La Poste time jobs by 2010, reduc- of their cooperation. plans to create 2,000 ing its staff for the first time new jobs in order to ever to less than 30,000, ac- De Post/La Poste will not strengthen its teams." cording to Belgian newspa- lay off any employees. per Le Soir, it was reported The downsizing will con-

PayShop, a success in Paris

07 October, 2005 - [Press place where innovation Technology workgroups, Release] and new businesses hap- having his presentation, pen... payshop couldn't Retail Solutions and In- “Between the 3rd and 5th of missed it. We were there! novations, in the second October took place in Paris day of the exhibition! It the Post Expo 2005. Together with the Portu- was the second partici- guese Post Offices, CTT pation for payshop in This event, known world- Correios de Portugal, we this forum and the num- wide as lider in the occupied a privileged ber of contacts made was The potential of new postal market industry, place in the exhibition, remarkable. The poten- is an election place for having our own stand in tial of new projects in an projects in an inter- Post Offices and different front of the hosts, the international level are national level are kind of companies re- French Post Offices, La enourmous. enourmous lated to the postal indus- Poste. try from all over the To know more about POST- world to show new prod- Luís Janeiro, payshop EXPO 2005 please click here. ucts and solutions. A CEO, was part of the

Live Tele Money Order (TMO) production

07 October, 2005 - [Press Eurogiro TMO users will Additionally 10 Eurogiro Release] be Correios De Cabo members are expected to join Verde S.A.R.L and the the Tele Money Order service “We are very happy to an- posts in Latvia and Ro- from 2006 and we recom- nounce that this week the mania. mend them already now to The transaction was start testing with the first live very first live TMO transac- sent from CTT tion was performed via the Furthermore, from the users. Eurogiro network. UPU/IFS network we expect Correios, Portugal the posts in Russia and For more information about to Magyar Posta, Ukraine to join the live pro- The transaction was sent the TMO, please download Hungary duction as soon as they have from CTT Correios, Por- our product sheet here. tugal to Magyar Posta, concluded their testing with Hungary. The next live Portugal and Latvia.

The postal network: an essential partner in the informa- tion society

7 October 2005, 2005 - fices and more than five World Summit on the [Press Release] million employees world- Information Society wide, the postal sector is (WSIS), said Edouard “With 660,000 post of- a partner of choice in Dayan, Director General of helping to reduce the the Universal Postal Union, digital divide, the main in his message for World Post Page 21 objective of the upcoming Day. World Post Day is cele- Volume 1, Issue 9

The postal network: an essential partner in the informa- tion society (cont.) brated annually on 9 Octo- to perform time-certain 33% of industrialized coun- ber, the day the Universal money transfers at rea- tries and 10% of developing Postal Union was founded in sonable rates. countries offered online shop- 1874. ping opportunities. In a report presented this “The Post is present every- week to the United Nations 37% of industrialized coun- where – even in the remotest Secretary General, the Global tries and 39% of developing corners of many countries – Commission on International countries offered Internet and serves as a key point of Migration underlined the access. Thanks to the world- access to the outside world. importance of international Its doors are open to all, migration and said that the Dayan ended his message by wide postal finan- without discrimination, mak- international community had urging governments, the pri- cial network, which ing it a fundamentally uni- failed to capitalize on its full vate sector, international the UPU is helping versal phenomenon, a force potential, which is “essential organizations and members to build using cut- for integration.” to the development of indus- of civil society who share the trialized countries and devel- UPU’s desire to bridge the ting-edge technol- As Posts around the world oping ones”. digital divide to work in ogy and effective prepare to celebrate World partnership with the postal partnerships, mi- Post Day, the Director Gen- To strengthen the postal sector, with all its tremen- eral of the United Nations financial network, the dous assets and skills. grant workers, and specialized agency responsi- UPU makes a suite of ap- millions of their fel- ble for postal services plications available to “Together, by creating last- low citizens, are set ing partnerships, we can stressed in his message the Posts that allows them to to benefit from a important role the postal facilitate electronic provide millions of people sector plays in the new infor- money transfers. with fairer access to commu- wider range of ser- mation society. The world nications and information, a vices, and the ability postal network is pushing The UPU’s International Fi- human right and, for the to perform time- nancial System is part of the postal sector, a core mission.” back the physical, digital and certain money financial frontiers through International Telecommuni- the effective use of new tech- cation Union’s “Connect the Contact: transfers at reason- nologies, he said, thus help- World” initiative, aimed at able rates ing to build national econo- connecting all citizens by Rhéal LeBlanc mies and reducing poverty 2015. The ITU is responsible Universal Postal Union around the world. for organizing the WSIS, whose second phase will take Tel.: +41 31 350 32 51 “Today, the post office is so place in Tunis, Tunisia, from much more than the place 16 to 18 November 2005. Mobile: +41 79 272 04 28 you go to send or receive a letter or parcel; it is also a Postal services around [email protected] hub for electronic and finan- the world increasingly cial services,” he stressed. use new technologies to Referring to issues surround- improve their range of ing international migration, services. For example, in Dayan explained how the 2004: To strengthen the postal sector can facilitate postal financial net- effective money transfers. 81% of industrialized coun- tries and 38% of developing work, the UPU Thanks to the worldwide countries provided online makes a suite of ap- postal financial network, postal plications available which the UPU is helping to Posts that allows to build using cutting- services. edge technology and ef- them to facilitate fective partnerships, mi- 41% of industrialized coun- electronic money tries and 8% of developing grant workers, and mil- transfers lions of their fellow citi- countries offered online bill zens, are set to benefit payment services. from a wider range of 37% of industrialized coun- services, and the ability tries and 21% of developing countries offered electronic Page 22 mail services. Volume 1, Issue 9

Better service quality the key to postal growth

3 October, 2005 The postal reality is, The postal sector will be [Press Release] however, very different represented at the World in each country, warned Summit on the Informa- the Director General of tion Society, taking place “Growing market de- the UN specialized from 16 to 18 November mands and changing agency responsible for in Tunis (Tunisia). The customer needs call for postal services. Director General said the total commitment on the Summit would be a Growing market part of all postal sector “strategic crossroads” demands and operators to better qual- "A homogeneous, coher- where the postal sector ity of service throughout ent network is necessary would demonstrate its changing customer the postal chain, said to ensure better service ability to facilitate ac- needs call for total Edouard Dayan, Direc- quality; closing the de- cess to new technologies commitment on the tor General of the Uni- velopment gap is an es- and adapt its products part of all postal versal Postal Union, at sential element in any and services for the bene- today’s opening of the effort to promote a flaw- fit of everyone. sector operators to World Postal Business less network." better quality of Forum in Paris. The Fo- service throughout rum, which is taking “In this digital age, the UPU the postal chain, place in conjunction Dayan reminded his audi- is, and will remain, the part- with the ninth Post-Expo ence that the aim of the ner of the postal community said Edouard exhibition, brings to- UPU’s development coopera- and of governments in mak- Dayan, Director tion efforts was to help the gether some 300 postal ing our entire sector a major General of the Uni- sector representatives, postal services of developing player in the information versal Postal Union, including 40 postal lead- countries to attain the high- society.” ers from around the est possible levels of service, at today’s opening world. for the benefit of all. of the World Postal On Tuesday, 4 October, Business Forum in a portion of the World "There can be no develop- At a time when the Postal Business Forum Paris ment or sector growth with- United Nations is con- will be devoted to the out service quality. By mak- sidering new financing topic of technologies and ing quality their number one mechanisms for develop- the information society. priority, Posts will be able to ment aid, the UPU, benefit from growth oppor- through the creation of tunities in areas such as di- its Quality of Service rect marketing and e- Fund, has shown the commerce,” said Dayan. postal sector’s capacity for innovation.

Jean-Paul Bailly, Chair- "The Fund, which today con- man of France’s La The postal sector Poste, had already re- tains 70 million USD con- will be represented ferred in his opening tributed by industrialized address to the major countries, has already al- at the World programme launched by lowed the UPU to finance Summit on the In- 250 projects throughout the La Poste three years ago formation Society, to modernize its produc- world since 2001". taking place from tion system. 16 to 18 November in While improving quality Tunis (Tunisia) Bailly called the historic of service throughout the investment of 3.4 billion physical postal network EUR slated until 2010 is a priority for the UPU, “one of the biggest in- the organization is also vestment programmes very much looking to the by any industry in future, and seeking to France today”. highlight the postal sec- tor’s role in building an inclusive information society. Page 23 Volume 1, Issue 9

The 2006 UPU Strategy Conference in the United Arab

October 23, 2005 -- sponsibilities for the pected to attend the [AMEInfo] event. three-day Strategy Con- ference." "The Universal Postal The conference will be Union (UPU) and Emir- taking place from 14 to 16 ates Post have signed an November 2006 at the agreement formalizing Grand Hyatt Dubai Con- the arrangements for the ference Centre. organizing of the 2006 UPU Strategy Conference Some 800 delegates from in the United Arab Emir- more than 130 UPU mem- ates and defining the re- ber countries are ex-

Non European experience and PFS development practice

Selected news from Africa, ME and Asia

Asia

The Department of Posts is planning to enter into micro- financing and banking

19 October, 2005 - reviewing the existing portfo- positioned outside a post of- [Economic Times ] lio of products and services. fice,” said Maran.

“The Department of Posts “It will recommend the ser- Maran said he has written to is planning to enter into vices that the department can the prime minister and plan- microfinancing and get into and those which can ning commission for Rs 625 The Department of banking. The govern- be wound up,” the minister crore for computerising all Posts is planning to ment has set up an inter- said. the 26,000 post offices by the ministerial group to ex- end of 10th Five Year Plan. In enter into plore the chances of al- India Post operates 16.81 the last one-and-half years microfinancing and lowing India Post to set crore savings accounts alone, computers have been banking. The up a savings bank. with annual deposits ex- supplied to more than 5,200 government has set ceeding Rs 36,830 crore, post offices. “Earlier, the department col- bringing the department up an lected money on behalf of a revenue of about Rs Besides this, a number of new inter-ministerial state and Central govern- 1,900 crore. The recom- initiatives are being taken by group to explore the ments but was not into lend- mendations of the minis- the postal department, in- chances of allowing ing directly,” said Union terial group are expected cluding a competitively communications minister to be ready by the end of priced local mail service India Post to set up Dayanidhi Maran. this year. called City Post, an inter-city a savings bank mail service with assured India Post has already The department is also next day delivery, and a pre- tied up with Nabard for planning to get into mium speed post service be- extending microcredit in money transferring tween central business dis- Tamil Nadu. The depart- through a tie-up with tricts of major metros with ment has 150 finance ICICI Bank. electronic IOD. marts and the expansion is on the anvil. “We are in talks with ICICI Bank to provide postal sav- To bring down the Rs 1,400- ings card to account holders crore revenue deficit of the that would enable receivers postal department, the inter- of a money order to with- ministerial group set up by draw money from their ac- the Cabinet secretariat is also count or ATM that would be Page 24 Volume 1, Issue 9

Non European experience and PFS development practice

Selected news from Africa, ME and Asia

Asia

Japan Post Privatization Holding Co. Formed

18 October, 2005 - chairman of the Association founding members for the The government on [Kyodo] of Corporate Executives, No- company within this month. Tuesday named buo Yamaguchi, chairman of Japan Post "The government on Tuesday the Japan Chamber of Com- They will work out articles of named Japan Post President merce and Industry, Yoshi- association for a holding President Masaharu Masaharu Ikuta and six hisa Akiyama, chairman of company that will own four Ikuta and six other other people as the founding the Kansai Economic Federa- firms to take over Japan Post people as the members of a company that tion, Yoichiro Morishita, operations after the privati- founding members will be set up in January to chairman of the Postal Ad- zation. The planning firm, plan the details of postal sys- ministration Council, and which will develop into the of a company that tem privatization under laws Keimei Kaizuka, chairman of holding company, will have a will be set up in enacted last week. the Financial System Council. management committee to January to plan the consider how to distribute The other six are Hiroshi Senior officials from the Fi- Japan Post employees and details of postal Okuda, chairman of the Ja- nance Ministry and other assets to the four separate system privatization pan Business Federation, the government agencies related firms under the holding com- under laws enacted largest Japanese business to the Japan Post privatiza- pany upon the privatization last week lobby known as Nippon Kei- tion will also be appointed as starting in October 2007." danren, Kakutaro Kitashiro,

Japanese Parliament Approves Postal Reform Bills

14 October, 2005 - and delivering a crucial vic- whelmingly by the powerful [Chisaki Watanabe, AP tory for Prime Minister Juni- lower house on Tuesday. WorldStream] chiro Koizumi's reform pro- gram. The bills would split up and Japan's parliament sell off Japan Post's delivery, approved the "Japan's parliament ap- The package was passed 134 savings deposit and insur- privatization of the proved the privatization to 100 by the upper house. ance services by 2017. The country's postal of the country's postal The vote paved the way for system controls some 330 service Friday, setting in the enactment of the closely trillion yen (US$2.9 trillion; service motion the creation of the watched legislation, since the euro2.42 billion) in savings world's largest private bank package was passed over- and insurance deposits."

Japan's Lower House Approves Postal Plan

11 October, 2005 - ing ahead with the prime 11 elections. The lower house Japan's powerful [Chisaki Watanabe, Ca- minister's reform platform apparently voted along par- nadian Press] following the ruling party's tisan lines, 338-138. The lower house of landslide electoral victory. closely watched legislation parliament on "Japan's powerful lower now goes to the upper house Tuesday approved a house of parliament on Tues- The bills met little opposition for approval. That chamber plan to privatize the day approved a plan to pri- since Japanese Prime Minis- rejected the proposal in Au- vatize the country's vast ter Junichiro Koizumi's rul- gust, prompting snap elec- country's vast postal system and create the ing Liberal Democratic Party tions, but government offi- postal system and world's largest bank, plow- and its coalition partner New cials say the election results create the world's Komei Party clinched a two- had convinced some former largest bank thirds majority in the 480- opponents to support the Page 25 member lower house in Sept. bills. Volume 1, Issue 9

Japan Post Starts Selling Investment Trusts

3 October, 2005 - an economy where the cen- Postal officials have said [Bloomberg] tral bank has held rates near they aim to expand trust zero for the past five years. sales to 1,550 branches in 2008. Twenty-five Japan “Japan Post, the state- Japan Post today sold 1.1 Post branches hosted Japan Post is run system that doubles billion yen of trusts to 1,200 weekend investment as the world's largest individual investors through- seminars with lecturers expanding financial saving bank, started sell- out Japan, said Shunsuke from Nomura last month. services as the ing investment trusts at Tatsumi, who work's at the It plans 600 more such government 575 branches today, organization's investment functions this month. prepares to split up threatening revenue lo- trust division. cal lenders need as their ``We'll make every effort to and sell off its mail, loan business shrinks. Money Maker improve our qualifications to savings and sell trusts,'' said Seietsu Kiku- insurance The posts system hired No- Revenue from trust sales rose chi, deputy postmaster at businesses after mura Holdings Inc., Daiwa to 38.4 billion yen in the year Shinjuku Post Office, one of Securities Group Inc. and ended March 31, up 54 per- the largest in Tokyo. Prime Minister Goldman Sachs Group Inc. to cent from three years earlier, Junichiro Koizumi at Chiba Bank, the biggest develop trust products aimed Chiba Bank is fighting back last month won an at individual savers, who regional lender in the prefec- with a consultation center have $1.8 trillion on deposit ture bordering Tokyo on the near the prefecture's main election battle at its 24,678 branches na- east. In the same period, its railway station which is against tionwide. It targets 100 bil- loan business shrank 10 per- staffed until 7 p.m., even on privatization cent to 117.4 billion yen. lion yen ($876 million) sales weekends, and provides vari- opponents. With in six months, rising to 1.5 ous market data and Internet trillion yen by 2010. Fukuoka Bank Ltd. on south- access. more deposits than western Kyushu island any local bank in 13 Japan Post is expanding boosted fees from trust sales Still, Chiba and other re- of 47 prefectures, its financial services as the 17 percent against a 5 per- gional institutions may need trust sales may gut government prepares to cent drop in loan revenue to do more to convince Japan split up and sell off its during the same period. Post depositors like Hiroshi those lenders' mail, savings and insur- Imai, who has no investing fastest-growing ``We can't just sit and ance businesses after experience, that he should opt source of profit Prime Minister Junichiro watch,'' Atsushi Kondo, who for their products rather than Koizumi last month won runs financial product sales shift his money within the an election battle against at Chiba Bank, said in an postal system. privatization opponents. interview. ``We have to build With more deposits than a foundation solid enough to ``I went to a bank and was any local bank in 13 of 47 take on Japan Post when it at a loss when the sales- prefectures, its trust starts selling trusts at all its woman just handed me 13 sales may gut those lend- branches.'' different pamphlets and told ers' fastest-growing me to choose something my- source of profit. The bank, which requires all self.'' 3,500 employees be qualified Postal officials have to sell financial products, ``Regional banks will take said they aim to the hit,'' said Akira Mizobu- reassigned 100 staff to chi, a banking analyst at No- branches near Japan Post To contact the reporter on expand trust sales to mura Holdings Inc. ``Japan offices that began selling this story: 1,550 branches in Post is just one more con- trusts. It's also expanding 2008. Twenty-five hiring, and working with Takahiko Hyuga in Tokyo at tender for the big banks, but Japan Post regionals are going to have other small lenders to raise [email protected]. to do more to compete.'' the skills of its sales force, branches hosted Kondo said. Last Updated: October 3, weekend investment 2005 04:54 EDT Lenders including Chiba seminars with Bank Ltd. and Fukuoka Bank Japan Post outweighs local lecturers from Ltd. earn fees selling invest- lenders in such population ment trusts to customers centers as the three prefec- Nomura last month. looking for returns that out- tures surrounding Tokyo and It plans 600 more the cities of Osaka, Fukuoka perform deposit interest in such functions this and Sapporo. month Page 26 Expansion Plans Volume 1, Issue 9

Asia

Update: China’s Postal Reform Plan

October 10, 2005 -- [Asia According to the plan, the as how to divide the univer- Pulse] General Post Administration sal service and competitive will serve as a regulatory service, how to divide the organization and a new com- services by postal service "A reform plan for the pany, the China Postal Ser- group and EMS service by A reform plan for country's postal service vice Group, will be set up to private sectors." the country's postal has been approved by the take over the operational service has been State Council, but the functions from the original http://news.ft.com/home unclear definition of uni- postal service administration /europe approved by the versal service and com- and hold the controlling State Council petitive service has shares of postal savings aroused concern from banks. But the reform plan the private sector. has not touched such issues

Deposits at Postal Savings Co reach 43tr dong

10 October, 2005 - [WB] Thus, the company has Program Assistant invested total 6.155 tril- The World Bank in Vietnam “Saving Service Co raised lion dong in the fund. 63 Ly Thai To, Hanoi The postal 2.8 trillion dong in the Tel: 844. 934 6600; Ext: saving service is first nine-months of Expectedly, Saving Service 238# 2005, bringing the total Co will transfer 2.8 trillion Fax: 844. 934 6597 currently to be saving money amount dong to the development Email: served in since its operation up to assistant fund in 2005. [email protected] 812 post offices 43 trillion dong. The postal saving service nationwide Saving Service Co has trans- is currently to be served ferred 1.54 trillion dong to in 812 post offices nation- development assistant fund wide. so far this year, reaching 55% of the targeted figures. Nguyen Thuy Ngan

Vietnam Mobilizes $595Mln via Postal Saving Service in Nine Months

7 October, 2005 - [VNA, accounting for 55% of the The firm plans to mobilize Vietnam Economic annual plan, which is set at VND13 trillion ($828 million) Times ] VND2.8 trillion ($177 mil- via postal savings services lion) and expects to transfer “The Postal Savings Ser- VND18 trillion ($1.14 billion) vice Company (PSSC) The company, as a unit of the via the money The company, as a announced that it has Vietnam Post & Telecommu- transfer service in 2005. unit of the Vietnam mobilized VND9.4 nications Corp. (VNPT), Post & trillion ($595 million) in offers various kinds of sav- PSSC is operating with regis- the first nine months this ings services at 812 post of- tered capital of VND163 bil- Telecommunica- year, bringing its total fices nationwide, such as lion ($10.4 million). tions Corp. (VNPT), mobilization so far to term-based deposits, per- offers various kinds VND43 trillion ($2.72 sonal deposits, account of savings services billion). transfers, and multifunc- tional postal money transfer at 812 post offices PSSC transferred VND1.54 services. nationwide trillion ($97.5 million) for the Development Assistance The VNPT arm is scheduled Fund (DAF) in the period, to open 160 more venues pro- viding postal savings services within this year. Page 27 Volume 1, Issue 9

Administration of post and telecommunication operations is to be partitioned in 2007

2 October, 2005 - [VNA] Nam's postal services up to 7,000 residents on avarage. The move aims to par with other countries in The postal sector is expected "Administration of post the region and spur develop- to step up ongoing "advanced bring Viet Nam's and telecommunication ment of both sectors by 2010. technology transfer" so that postal services up to operations is to be parti- By 2010 Viet Nam should it will eventually be able to par with other tioned in 2007 in a plan have 13,000 outlets nation- produce hardware and soft- countries in the approved by the Prime wide, ranging from large ware of international stan- Minister Phan Van Khai. post offices to small village dards." region The move aims to bring Viet kiosks, each serving about

Africa

Rural banking in Namibia through the Post Office Nampost Officer Vanishes With Loot

31 October, 2005 - [New which included cash, vouch- This incident forced clients of Era (Windhoek) ers and telecards and then the post office in the area to NEWS] left without word, closing the travel some 100 km to espe- office. cially withdraw their money, which community member Posted to the web October 31, She reportedly just left with- Japuira Kahiurika said was 2005 out filling in a resignation costly. form. By Wezi Tjaronda Some residents, especially Windhoek NamPost Limited Chief Ex- those who have small bal- ecutive Officer Sakaria ances in their accounts are “THE community of Oka- Nghikembua told New Era said to have encountered matapati in the Otjo- that the worker, Codla difficulties with withdraw- zondjupa Region has Karondore, who was ar- ing their money as they were been without postal ser- rested and is out on bail, left told that their money was vices for over a month at short notice and left the lost. due to the closure of their keys at the Okakarara Post Post offices post office. However, the Office. "They tell us that the money offer banking service was restored yes- got lost and they cannot give services, which The company became suspi- terday. us our money. If there is less are sought after cious with the manner in money in the account, they Post offices offer banking which she left and conducted don't help you unless you services services, which are an audit, after which it dis- travel to Otjiwarongo," said especially in sought after services es- covered that over N$34 000 Kahiurika. rural areas of pecially in rural areas of was missing. Namibia Namibia. But Nghikembua pointed out The police and community that he instructed the The closure on September 10, members also confirmed this. Okakarara office to stop which is more than a month turning people away after he made residents in that area Namibian Police Crime Coor- received information that dig deeper into their pockets dinator for the Otji-warongo clients were having problems having to travel to Region, Detective Inspector making withdrawals, saying Okakarara and Otjiwarongo Charles Sibolo said, "The it was not the clients' money to especially withdraw their lady closed the post office that was stolen. money from the Post Office and when some manager Savings Bank (POSB). from Otjiwarongo went to "If there is a loss, NamPost make an audit, he discovered should be held responsible The post office was closed that money was missing." and not the client. The client after one of the workers there must be served," said the allegedly misused money, Sibolo said Karondore, 30, CEO. was arrested on October 6 and the case is under investi- As of yesterday, the post of- Page 28 gation. fice in Okamatapati would Volume 1, Issue 9

Rural banking in Namibia through the Post Office Nampost Officer Vanishes With Loot (cont) open two times a week and out an audit at the Oka- mally staffed by one per- the office will also put up matapati office, rural son. vacancy notices for people to areas are far away and Rural offices apply and also direct them the company could not are normally where to take their applica- immediately replace the tions to. officer, which resulted in staffed by one the closure for a month. person Apart from the fact that NamPost had to carry Rural offices are nor-

Kenya unveils 2008 UPU Congress logo, announces dates

20 October, 2005 – [UPU Press Release]

“Kenya, host country of the 2008 Universal Postal Union Congress, today unveiled the Congress logo to delegates attending the annual session of the UPU Council of Ad- ministration in Berne. Brief- ing the Council of Admini- stration on the preparations for the 24th UPU Congress, which will be held in Nai- robi, Kenyan Permanent Secretary James REGE an- nounced that the Congress said the success of the Con- will take place from • The National Prepara- gress is a top priority for the 13 August to 3 September tory Committee is Kenyan Government, and a 2008. charged with the actual Cabinet Committee has been planning and implemen- The Congress logo, in the set up to monitor and guide tation of the Congress colors of the Kenyan flag, the preparations. He an- preparations reflects a number of postal nounced that three bodies have been created within the Furthermore, a permanent elements and national sym- The logo was bols. The round shape repre- Kenyan Government: secretariat has been estab- sents the globe and the uni- lished to facilitate the effec- designed by 24 versality of the Post, while • The National Steering tive functioning of the pre- year-old Geoffrey Committee consists of paratory bodies. The secre- the flying pigeon is widely NYONGESA, a representatives from tariat serves as the focal recognized as a traditional fourth-year student symbol of message transmis- various Government point of all preparatory ac- sion. Other elements include ministries and public tivities. at Kenyatta an envelope, Mount Kenya institutions, providing U niversity, and Two possible venues have as the country's landmark, the institutional support been identified for the Con- was chosen for its and a lion, highlighting the needed to ensure good- gress: the Kenyatta Interna- simplicity, "safari" element. The logo will and resources tional Conference Centre was designed by 24 year-old universality and and the United Nations Of- Geoffrey NYONGESA, a • The Congress Consulta- originality fice in Nairobi. A final deci- fourth-year student at Ken- tive Committee is made sion will be made after a yatta University, and was up of key stakeholders, team from the UPU Interna- chosen for its simplicity, uni- and continuously re- tional Bureau has visited the versality and originality. views the progress of the Congress preparations. facilities in November 2005.” The Permanent Secretary It also serves as a forum for formulating policy guidelines Page 29 Volume 1, Issue 9

TPB installs more ATMs countrywide

19 October, 2005 Samora Avenue in Dar es banks operating in the coun- [IPPMedia ] Salaam, Mwanza and Zanzi- try, but only eight use ATM bar. services. By Felix Andrew TPB also had plans in mind Other banks that provide “In a move to bring its to launch its speed cash ATM ATM services are the In a move to bring services closer to its cus- at Kijitonyama in Dar es Sa- CRDB Bank, Barclays its services closer to tomers, the Tanzania laam. Bank, the National Bank its customers, the Postal Bank (TPB) will of Commerce, the Exim soon start to install auto- It will be the ninth ATM to be Bank, the Stanbic Bank, Tanzania Postal mated teller machines installed by the bank since it the Eurafrican Bank and Bank (TPB) will (ATM) outside banking started to provide such ser- the Standard Chartered soon start to install halls. vices in the country last Bank. automated teller April. The service would shorten the SOURCE: FINANCIA TIMES machines (ATM) time and disturbance which Kajula said all preparations outside banking customers have been experi- for installing the ATM had halls encing for a long time. been completed.

Speaking to this paper re- The ATM would assist the cently in Dar es Salaam, the bank’s customers living in TPB’s chief of marketing and areas such as Mikocheni, business development ser- Kawe, Mwenge, Sinza, Ma- vices, Iman Kajula, said the gomeni, Mwananyamala and ATMs would be installed in Tegeta. areas convenient for custom- ers. He said the ATM would enable bank’s customers Apart from installing ATMs, to withdraw money, the bank has entered into know their balances, and partnership with some ser- transfer their cash at vice providers countrywide anytime. who will accept the purchase of goods and services using At present, the bank has in- the bank’s card. stalled a total of ten ATMs in In a move to bring Dar es Salaam, Arusha, Do- its services closer to The bank has identified doma, Mwanza, Zanzibar its customers, the more than 1,000 points and Mbeya. of sale (POS) that would Tanzania Postal be installed in shops, ho- Bank (TPB) will tels, supermarkets and Kajula said the bank planned soon start to install other service outlets to install about 20 ATMs in automated teller where purchases made the country before the end of by using the bank’s cards this year. machines (ATM) would be honoured. outside banking ’The machines are al- halls The cards could also be used ready here, and we are at speed cash ATMs with the continuing with their Tanpay logo. installation,’ he said.

The Tanzania Postal He also said the number of Bank (TPB) and the Fed- Uhuru cardholders had been eral Bank of the Middle increasing since the card was East (FBME) are the cur- launched five months ago. rent members of Tanpay.

Currently TPB and FBME ’Currently we have registered customers could access speed more than 16,000 customers cash ATMs services located at in Tanzania,’ he said.

Page 30 Tanzania has about 28 local Volume 1, Issue 9

Morocco Readies Post Office for Banking Role, Sale

5 October, 2005 hams in 2004. at Barid barely reach two [Engineering News] percent of the total 300- The potential for Barid is billion dirhams held by local “Morocco is reforming great, because barely 22% of banks. Analysts say the firm postal service Barid al- the Morocco's 30-million may have potential to emerge Maghrib to tap its poten- people have a bank account, as a major player in the local Morocco is tial for financing housing the Barid spokesman added. financial arena but it will reforming postal for the poor and to ready need a deep, internal change it for a possible privati- Commercial banks are lo- of mentality to succeed. service Barid sation in the medium cated mainly in and around al-Maghrib to tap its term, officials and bank- cities, while large remote "Barid has a strategy, potential for financ- ers said this week. areas are ignored, he added. but it will need strong ing housing for the resolve to implement it Because of tight banking successfully. Previous poor and to ready it The state-controlled firm has regulation, millions of Mo- privatisations have for a possible recently undergone a series roccans end up excluded showed us that a foreign privatisation in the of changes as part of a stra- from borrowing from banks, shareholder can enforce medium term, tegic 2005-2008 plan, in- while banks suffer from an this in a formerly state- cluding an 11% reduction in excess of liquidity. The Barid owned firm," a banking officials and staff to 7 650 over 2001 to spokesman said: "We have industry analyst said. A bankers said this 2004 and a new logo and more than 2,2-million ac- finance and privatisation week Website (www.poste.ma). counts as our starting poten- ministry top official said tial, and we'll target more the firm may be priva- who do not have a bank ac- tised in the medium term It has joined the local banks' count." Morocco wants to get but that it was too early network that manages data rid of shantytowns and un- to speak of a plan and storage for all ATMs, has ruly housing units by 2010, timetable. struck a business partnership and officials estimate that with private Attijariwafa eliminating the housing "We want Barid to stand on Bank and now speaks of us- shortage would cost up to 75- its feet, restructure its busi- ing its unmatched network of billion dirhams by 2015. ness, diversify its products Barid is also 1 635 outlets to compete with and fully take advantage of considering local banks, especially on Barid is also considering con- its network's reach. That's converting some housing projects for the poor. verting some outlets into the agenda for now," he said. platforms that would offer outlets into "We can bring unbeat- services such as paying taxes The cash-tight government platforms that able housing saving and water and electricity has been increasingly de- would offer services plans for those who are bills and supplying official pendent in recent years on such as paying taxes too poor to have a bank documents in remote areas privatisation receipts to fund account but independent where public authority is costly reforms and fight pov- and water and enough to have a savings weak. erty and widespread unem- electricity bills and account," the spokesper- ployment. supplying official son said. The firm has a 2- "Our ambition is to pro- billion dirham investment vide a top-quality univer- documents in plan over 2005 to 2008 to sal service by promoting remote areas where modernise its business and equal treatment for ur- public authority is boost annual growth in turn- ban and rural areas for weak over by 10% to 12%, a com- the rich and poor," the pany spokesperson said. Barid spokesman said. Barid posted turnover of 1,24-billion dirhams and a Despite having the largest net profit of 118-million dir- number of accounts, deposits

Page 31 INTERNATIONAL COMMISSION FOR POSTAL FINANCIAL SERVICE BUSINESS /ICPFSB/

From the Statute of ICPFSB—2005 Brasov’s meeting

“The ICPFB has the following objectives:

- to contribute to the realisation of the strategy of the UPU in the business field;

- to collaborate with the UPU to rejoin the common objectives and to improve the relations between the member countries and between them, the UPU and the other international organizations;

- to represent and support at the UPU and other international organizations the demands of the different members to es- tablish collaboration relations and development on the business basis;

- to facilitate the exchange of experience and the best practice among members;

- to take into account needs of the customers and of the markets from the business and marketing field; “

ICPFSB Secretariat

The coming Agenda: Members: • Hermina Apostol 14 - 15 November 2005, Brussels

• Elena Popovici EU/US Retail Banking Forum • Yurii Spiriev First Conference 16 - 18 November, 2005 - Tunis

SC Bancpost SA World Summit on the Information Society Communication Division 16 -November, 2005 - Tunis

Phone: +40 21 308 0901 Postal Symposium Organized by the Fax: +40 21 326 8520 Universal Postal Union

E-mails: 26 March - 07 April 2006, Bern [email protected] UPU Postal Operations Council [email protected] [email protected]

Postal address: - SC Bancpost SA Postal address: SC Bancpost SA Sediul Libertăţii SediulBd. Libert Libertăţiiăţ nr.ii 18-20, Bd. Libertăţii nr. 18-20, Bl. 103-104, Sector 5, 050706 Bucureşti, România

SC Bancpost SA - Sediul Central Sediul Vitan CaleaSediul Vitan Vitan 6-6A, Sector 3, 031296Calea Vitan Bucure 6-6A,şti, Sector 3, Please visit us at: România031296 Bucure şti, www.icpfsb.org România