Austrian bank ties up with post to provide banking services

10:23, June 16, 2011      

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BAWAG PSK, the fourth largest bank in Austria, and Austrian Post AG opened Wednesday the first joint branch office in Vienna to the new concept of combining postal and banking services under one roof.

BAWAG PSK and Post AG plan to lead 100 to 110 joint branches alone in Vienna and some 500 across the country, till the end of 2012.

The combined management has the advantage of utilizing much more decentralized network of Post AG, which has already set up 111 branches of its own alone in Vienna. Currently, BAWAG PSK has only 20 branches in the capital city but with ambitions to expand its service network.

For the post itself, this operation could help to solve the problem of incompatibility of service networks and running cost.

The movement is a win-win situation. Both heads of the bank and post expressed certainty of mutual interest and believed a rosy picture of future cooperation.

Source: Xinhua
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