One of our top news we reported last year
Issue 35/2009
Following the principal confirmation by the Brazilian Supreme Court of the post ECT's monopolistic status (CEP News 33/09) and even before the publication of a government committee's official report (CEP News 05/09), more and more details are emerging regarding the restructuring of the post. Turning the post into a closed plc is at the core of the changes (CEP News 31/09). Extending the range of financial services is another aim. ECT intends to sell insurance policies and plans to set up its own post bank. A potential opportunity will be the expiry of theexisting post bank licensing agreement with Banco Bradesco in December 2011.
In the short term, the post is planning to press ahead with the creation of its own logistics company. By Thursday this week ECT's CEO Custódio will have presented a business outline for the new enterprise Correios Logistica to the ministry of communication. According to unanimous media reports, the ministry is expected to rubber-stamp the plans before the end of the year. The proposal involves 51% of the subsidiary remaining in public ownership, while 49% will be offered to private investors.
Mr Custódio believes that the new company could generate a turnover of approx. 190m euros from the word go. This figure could increase, if domestic airmail services - annual costs currently around 158m euros - were to be incorporated into the new company. Mr Custódio is optimistic about the future of Correios Logistica; according to news agency »AE« (24.08) he sees the subsidiary's expansion into Argentina as well as the US as a definite possibility.