Update on UK financial services partnerships

 
5 December 2023
 
The Group is today announcing an update on its UK financial services partnerships.

The Group is pleased to announce that its partnership with the UK Post Office, through its Bank of Ireland (UK) plc subsidiary, is being extended for a further five years to a minimum end date of 2031. The partnership will focus on savings products and no longer provide Post Office branded mortgages or personal loans. Separately, the Group’s successful 50/50 joint venture with the UK Post Office (First Rate Exchange Services) is unaffected and continues to be the largest provider of consumer foreign exchange in the UK.

Recognising the strategic objectives of both the Group and The AA have evolved since the partnership was first agreed, the parties have decided to conclude their partnership. As a result, the Group will no longer provide unsecured personal loans and savings products under The AA brand.

The Group has historically originated the vast majority of its UK unsecured personal loans through these partnerships. The Group has reduced this portfolio during 2023, with balances expected to be c.€1.3 billion at end December 2023.