BNP Paribas Fortis has completely taken control of “la banque de la poste” and this was already the case on paper since at the beginning of this year the Franco-Belgian bank had taken 100% of the shares of bpost bank. But what will it change for them and for customers.
What will change for bpost bank customers? They will continue to have access to their existing services, but in addition, the 657 post offices in the country will offer them BNP Paribas Fortis products, in particular insurance. And this for the next few months. bpost bank customers will automatically become BNP Paribas Fortis customers on January 1, 2024, and the bpost bank brand will disappear from the market. As for BNP Paribas Fortis customers, they will be able to go to their branches, but also to carry out certain basic banking operations in the 657 bpost counters. Which is all good for them… at least for those who don’t want or aren’t able to do almost everything online.
The operation is therefore finalized, but of course on the condition that the competition control authorities give their agreement. Which can be understood if we remember that BNP Paribas Fortis is also Fintro and Hello Bank. That is to say a more than appreciable size on the Belgian market.
What will happen to the employees of the post bank?
Today there are 1,300 employees assigned to the counters, to the customer frontline, as they say, and 410 more specialized advisers. They will be able to stay in the 657 post offices to provide basic banking services or migrate to branches or even join the services of BNP Paribas Fortis according to their wishes and skills. A priori, there should be no layoffs.
Is this a good operation for everyone?
I think so. BNP Paribas Fortis thus offers its customers a large local commercial network for basic services, the local services that a good part of the population wants, but by sharing the cost of the infrastructures with bpost. BNP Paribas Fortis also has a large network to sell its products, in particular “non-life” type insurance products (home, liability, vehicles and legal assistance). You add to that Fintro and Hello Bank and soon a distribution network via bookstores: BNP Paribas Fortis is particularly well equipped.
For the post office, there is also the advantage of getting rid of an increasingly cumbersome and increasingly complicated activity, but also of sharing the costs of the network that it is obliged to keep.
Will BNP Paribas Fortis continue or stop its branch closures?
Good question. The bank currently aims to go from 386 branches to 220 branches, or 40 closures per year. And she will continue this policy. Probably and logically by seeking complementarity with the 657 bpost offices.
A point of attention certainly: be careful not to create a two-speed network in terms of quality of service.