Bank of Ireland Group PLC said on Tuesday that it will be extending its financial services partnership with the UK Post Office by five years to a minimum end date of 2031.

The focus of this partnership will be savings products, while Post Office branded mortgages and personal loans will no longer be provided.

The 50-50 joint venture in the Post Office’s First Rate Exchange Service, the largest provider of consumer foreign exchange in the UK, will remain unaffected.

Separately, the group has concluded its partnership with UK motoring services group AA, and will no longer provide unsecured loans and savings products under the AA brand.

Although historically the source of the majority of its UK unsecured personal loans, the group reduced this portfolio during 2023, with balances expected to be around €1.3 billion by the end of December.

Bank of Ireland shares were down 0.7% at €8.75 on Tuesday afternoon in London.

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