Santander UK has inked an agreement with Britain’s Post Office, which will allow its customers to bank at Post Office’s outlets.
Go deeper with GlobalData
Santander UK said: "We expect to be able to offer our UK personal current account and business banking customers access to the Post Office’s c. 11,000 outlets before the end of the first half of 2015."
The latest move aims to boost competition into the banking sector and broaden accessibility as banks are shifting to digitisation and slashing costly branch networks.
Santander said that the deal forms part of a wider investment programme that involves upgrades to 40% of its branches and investment in digital technology.
Additionally, Post Office has launched its new brand, Post Office Money, which will consolidate all its financial services under one brand.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataCustomers can access the new brand in Post office outlets or online. Post Office Money will provide home loans, savings products and travel insurance.
Through the new brand, Post Office aims to capitalize on closing branches of Britain’s biggest lenders and emerge as one of the UK’s biggest financial services providers by 2020.
Post Office Money financial services director Nick Kennett said: "Post Office Money is committed to providing customers with an offering that is fair, accessible and helps them manage their financial needs."
