Bank of Ireland subsidiary First Rate Enterprises has launched a joint venture with the UK's Post Office to provide foreign currency and travel services to branches across the United Kingdom.
The joint venture, to be known as First Rate Travel Services, will supply foreign currency to over 17,500 Post Office branches across the UK. Alongside its bureau de change service, the joint venture will also provide services such as car hire, travel insurance and home delivery of foreign currency.
Future plans to expand into travel bookings and establish further distribution channels are also in the pipeline.
David Cromwell, commercial partnerships director at the Post Office, describes the move as a natural progression in the travel services sector for the Post Office, following its currency exchange pricing strategy and the introduction of 0% commission on foreign exchange.
Jayne Westwood, marketing director, First Rate Travel Services, comments: "The development of a wholesale currency operation, and our new travel products, provides many opportunities to grow the business through both existing and new distribution channels."
The joint venture will be jointly managed by a board comprising of senior executives from Post Office and Bank of Ireland Group.