An Post’s mortgage plan at risk of becoming dead letter

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Company’s promise to offer cheap home loans has faced numerous setbacks

to his An Post contract would seem to finally draw a line under the speculation about his future. The chief executive of the postal operator told reporters on Thursday that he expects to sign the deal to keep him in situ after his initial contract expires later this year.

While the work ahead of him at An Post would appear to be dwarfed by the increasingly daunting-looking in-tray facing Kevin Bakhurst, who ultimatelyfor the post of RTÉ director general earlier this year, it still looks to be a formidable set of tasks. Later this year, An Post will enter what McRedmond described as a “planning phase” as it looks to draw up a new five-year strategy. The details are yet to be worked out but the broad contours of this new phase in the group’s transformation have been well signalled.

According to McRedmond, An Post wants to become a “digicorp”, improving its digital offering to tap into the growth of ecommerce deliveries against the backdrop of declining letter postage. It also means extending An Post’s “reach in financial services”, he said. Although An Post’s financial services business grew 14 per cent last year, getting its mortgage offering off the ground will be key to future growth, a task with which the group has fairly struggled.

 

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