Post to offer new exchange service

By Joel de Woolfson

Chief executive of Guernsey Post Gordon Steele. The utility has bought Batif and will now provide a foreign-exchange service. (Picture by Adrian Miller, 0559376)

GUERNSEY Post has entered into the foreign currency market after it bought Batif this week.

Islanders will, from next week, be able to buy euros and dollars from any branch while the Post Office in Smith Street and Batif in North Plantation will stock 18 different currencies.

Guernsey Post bought the business from Brian Rumens, who will stay on in the short term to ensure a smooth transition, and Gordon Steele, chief executive at Guernsey Post, said the acquisition showed the company was in good financial shape.

‘We are trying to do three things in our business,’ he said.

‘One is to become much more efficient in the way we run it. Two is to develop new income. And the third thing is to develop our employees.

‘This acquisition fits in with the second of those in finding new profitable income.’

Mr Steele said the purchase had been funded out of cost savings made this year and growth in the bulk mail sector.

‘Batif is the number one currency exchange provider in the island and has a reputation for giving people the best deal,’ he said. ‘We are going to continue to do those things, make it more convenient and improve currency buying.’

He said operations in all Post Office branches should be up and running by the end of next week.

And he confirmed that the purchase would not have any effect on the rest of Guernsey Post’s work.

‘Nothing will change on the post side,’ he said.

‘It’s a natural fit with what we do already because we handle money over the counter and already provide travel insurance, so this is a good option for people going on holiday.’

Mr Steele, who used to be chairman of a foreign-exchange wholesaling company in the UK, said other acquisitions in the future were a real possibility.

‘This is the first acquisition by Guernsey Post and I think it’s the first one by a States-owned company,’ he said.

‘We continue to look for other opportunities and if we can find a business that we can grow and fit in with our core operation, we would certainly be interested.’