LONDON (Alliance News) - The Post Office Ltd has struck a deal with the commercial banking arm of HSBC Holdings PLC which will mean it will now accept transactions from the bank's business customers and extend services available to its personal customers.
In a statement issued late last week, The Post Office said HSBC business customers will be able to pay in cash, withdraw funds and check their account balances within its 11,500 branches in the UK.
The Post Office recently completed a massive modernisation drive, meaning its branches are open for longer and, increasingly, on Sundays. More than 3,000 of the branches are open seven days per week.
"HSBC personal customers can already use their local Post Office for their day-to-day banking needs. We are delighted to extend our successful partnership with HSBC to their business customers as well," said Nick Kennett, group director of financial services for The Post Office.
"The extension of our partnership with Post Office has broadened the range of channels available to our business customers to access banking services. Customers with business debit cards can now access a number of important services at Post Office counters, including cash deposits, cash withdrawals and balance enquiries," said Ian Stuart, HSBC's UK commercial banking head.
Shares in HSBC were flat on Monday at 523.30 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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HSBC Holdings (HSBA)