postal banking is a great idea because it brings branches to all corners of the country and give hugely profitable big banks some needed competition.
Postal banking is
Zealand:Kiwibank generated 81%
of New Zealand Post's after tax profits.
Switzerland: PostFinance produced 48% of Swiss Post's
Italy: BancoPosta profits allowed the Italian post
office to make 57 million Euros in profits ($86.1 million CAD) in spite of
losses incurred by its postal business.
France:La Banque Postale's operating profits of 842
million Euros ($1271.6 million CAD) made a significant contribution to Le Group
La Poste's operating profits of 719 million Euros ($1085.8 million CAD).
New Zealand Post, Swiss Post, Poste Italiane and Le Group La Poste, 2014
Postal banking has
social & economic benefits
France: Banque Postale has an obligation to
provide products and services to as many people as possible. It provides a
Livret A or passbook savings account, at no charge, to anyone who requests it.
It also provides banking services to the financially vulnerable and financing
for social housing, voluntary organizations and microentrepreneurs lacking bank
Brazil: Since its creation in 2002, Banco Postal
at Brazil's post office has opened over 6,200 postal bank branches and provided
the bank accounts to about ten million people. These efforts are largely
designed to meet the needs of poor and marginalized populations living in rural
and underdeveloped areas.
Italy: BancoPosta offers current accounts,
payment services and postal savings products on behalf of Cassa depositi e prestiti
(CDP). The CDP, which is 80% owned by the Italian government, supports the
development of the country by financing the investments of public entities,
helping local authorities leverage their real estate assets, investing in
social housing, and supporting energy efficiency policies.