BancoPosta is the

Italian Italian(s) may refer to: * Anything of, from, or related to the people of Italy over the centuries ** Italians, a Romance ethnic group related to or simply a citizen of the Italian Republic or Italian Kingdom ** Italian language, a Romance languag ...

postal savings system Postal savings systems provide depositors who unbanked, do not have access to banks a safe and convenient method to save money. Many nations have operated banking systems involving post offices to promote saving money among the poor. History I ...

that operates as a unit of

Poste Italiane Poste Italiane (, , abbr. PT) is the Italy, Italian postal service provider. Besides providing postal services, Poste Italiane offers communications, Postal savings system, postal savings products, logistics, and Financial services, financial a ...

providing financial services, including

savings account A savings account is a bank account at a retail banking, retail bank. Common features include a limited number of withdrawals, a lack of cheque and linked debit card facilities, limited transfer options and the inability to be overdrawn. Traditi ...

s, prepaid cards, exchange brokerage services, investment services, insurance, and various

payment A payment is the tender of something of value, such as money or its equivalent, by one party (such as a person or company) to another in exchange for goods or services provided by them, or to fulfill a legal obligation or philanthropy desir ...

services. BancoPosta does not have a

banking license In most legal jurisdictions, a financial institution is required to obtain a banking licence before it is legally permitted to carry on a banking business. Besides other requirements, such a business is not permitted to contain in its name words ...

and cannot directly provide

loan In finance, a loan is the tender of money by one party to another with an agreement to pay it back. The recipient, or borrower, incurs a debt and is usually required to pay interest for the use of the money. The document evidencing the deb ...

s to third parties, but is involved in the promotion and placement of public loans granted by banks and financial intermediaries. The bank services are available at all post offices in Italy.

History

always provided the postal savings deposits and offered Post Office Giro Institutions payments (POGIs). Having performed the function of collecting postal savings since 1875, with postal savings accounts being available since 1917. The BancoPosta was founded formally in 1999 after the restructuring by CEO Corrado Passera. It operates under the Financial Services Division company and offers collections and payments, the collection of savings and insurance products for the public. In 2000 was launched the BancoPosta account, the

debit card A debit card, also known as a check card or bank card, is a payment card that can be used in place of cash to make purchases. The card usually consists of the bank's name, a card number, the cardholder's name, and an expiration date, on either ...

Postamat and credit card BancoPosta Mastercard, going from 175,000 accounts in December 1999 to 1.68 million in December 2001. The success of the account and the consequent restoration was mainly due to computerization of the 14,000

post office A post office is a public facility and a retailer that provides mail services, such as accepting letter (message), letters and parcel (package), parcels, providing post office boxes, and selling postage stamps, packaging, and stationery. Post o ...

s and creation of a new technology infrastructure (with a total budget of 670 billion lire) which allowed to improve quality and returns. Since 2001, the bank from a mere

asset manager Asset management is a systematic approach to the governance and realization of all value for which a group or Entity#In law, politics, economics, accounting, entity is responsible. It may apply both to tangible assets (physical objects such as co ...

, also becomes a financial intermediary, as it is authorized by the Presidential Decree 144/01 to propose to the public the equities, bonds, shares of investment funds and loans and financing, although with above restrictions: until then the 14,000 post offices could only sell government bonds and those of the privatization.

References

Sources

* * * Il circuito Bancoposta, di Giuseppina Chesini - Giuffrè Editore pp. 51, 54 *

History

References

Sources

See also