January 18, 2018 / 6:49 PM / a month ago

Italy's Poste targets at least 1.8 bln euros in 2018 postal savings fees

MILAN, Jan 18 (Reuters) - Poste Italiane said on Thursday it aimed to reap at least 1.8 billion euros ($2.2 billion) in fees this year from selling postal bonds and certificates on behalf of state lender CDP.

State-controlled Poste last year signed a three-year distribution contract with CDP that awards the Italian post office between 1.55 billion and 1.85 billion euros depending on performance targets.

The targets for 2018-2020 factor in an average decrease of 4 billion euros a year in net inflows of postal savings, the head of Poste’s banking division Andrea Novelli told an analyst call.

Novelli said the group was “extremely confident” it could reach those targets because in recent years it had been able to curb the drop in new postal savings.

Poste Italiane will present a new business plan under CEO Matteo Del Fante on Feb. 27. ($1 = 0.8182 euros) (Reporting by Francesca Landini; Editing by Elaine Hardcastle)

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