Dutch-Belgian banking group Fortis says it has signed a memorandum of understanding (MoU) to establish a financial services joint venture with The Irish Post Office, An Post.
Fortis says the JV will deliver financial service products through An Post's network of 1450 post offices across Ireland.
The companies say they expect to sign a definitive agreement this summer, in the meantime no further comment on the negotiation process will be made.
Financial details of the transaction were not disclosed.
An Post said in February that it hopes to provide a range of new financial services to its customers by early 2007.