The post office will unveil next week an agreement of 1.75 billion pounds sterling with dozens of banks that will allow their customers to continue using the largest British retail network.
Sky News has learned that the next post office manager will be launched next Wednesday, with an agreement that will give an additional 500 million pounds to the public company.
Banking industry sources said on Friday that the agreement was worth around 350 million pounds sterling per year at the post office – an increase in the existing 250 million pounds agreement, which expires at the end of the year.
Money Dernited: “14 million British in the parking lot for fine parking this year”
The sources have added that in exchange for additional payments, the post office would make a range of commitments to improve the service it provides banks that use its branches.
Banks participating in arrangements include Barclays, HSBC, Lloyds Banking Group, Natwest Group and Santander UK.
Under the agreement on the banking framework, the 30 customers of banks and mutuals can access the 11,500 branches of the post office for a range of services, in particular the deposit and withdrawal of money.
The service is particularly valuable for those who still count on physical species after a decade during which more than 6,000 banking branches were closed through Great Britain.
In 2023, more than 10 billion pounds in cash were removed at the counter and 29 billion pounds in cash were deposited at the counter, said the post office last year.
Find out more Sky News:
Water regulation criticized by the wasting dog
The drop in lower rates lights up while economic prospects darken
A new longer-term agreement with the banks comes at a critical time for the post office, which is trying to guarantee government funding to strengthen the salary of thousands of subposters.
Under the annual government grant, the reputation of the previous network management team was left in tatters by the Horizon It Scandal and the unjustified conviction of hundreds of submays.
A spokesperson for the post office refused to comment on next week’s announcement.