The Publish Workplace will subsequent week unveil a £1.75bn cope with dozens of banks which is able to pave the best way for his or her prospects to make use of Britain’s largest retail community.
Banking business sources mentioned on Friday that the deal could be value roughly £350m yearly to the Publish Workplace – an uplift from the present £250m-a-year deal, which expires on the finish of the yr.
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The sources added that in return for the extra funds, the Publish Workplace would make a spread of commitments to enhancing the service it supplies to banks’ prospects who use its branches.
Banks which take part within the preparations embrace Barclays, HSBC, Lloyds Banking Group, NatWest Group and Santander UK.
Underneath the Banking Framework Settlement, the 30 banks and mutuals’ prospects can entry the Publish Workplace’s 11,500 branches for a spread of providers, together with depositing and withdrawing money.
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The service is especially useful to those that nonetheless depend on bodily money after a decade wherein effectively over 6,000 financial institution branches have been closed throughout Britain.
In 2023, greater than £10bn value of money was withdrawn over-the-counter and £29bn in money was deposited over-the-counter, the Publish Workplace mentioned final yr.
A brand new, longer-term cope with the banks comes at a important time for the Publish Workplace, which is making an attempt to safe authorities funding to bolster the pay of 1000’s of sub-postmasters.
Reliant on an annual authorities subsidy, the popularity of the community’s earlier administration workforce was left in tatters by the Horizon IT scandal and the wrongful conviction of a whole bunch of sub-postmasters.
A Publish Workplace spokesperson declined to remark forward of subsequent week’s announcement.
