Recently, Canada Post announced that it had entered into a strategic alliance with TD Bank to begin offering a new, personal loan product at select post offices across the country. It’s important to take stock of what this partnership means for CUPW and its vision for an independent, publicly-owned postal bank.
POSTAL BANKS AND PARTNERSHIPS
Around the world, partnering with banks is the most common way for postal banks to offer loans. This is the case in Switzerland, for example, where the postal bank has partnered with two private banks to offer mortgages under the postal bank brand.
More importantly, partnering with a bank does not put an end to the goal of an independent postal bank. Looking at France’s La Banque Postale is helpful.