|Type||Società per Azioni|
FTSE MIB Component
|Headquarters||190 viale Europa, |
|Matteo Del Fante (CEO)|
|Revenue||€ 10,5 billion (2020)|
|€ 1,20 billion (2020)|
Number of employees
|Footnotes / references|
in consolidated balance sheet excluding minority interests
Poste Italiane S.p.A. (Italian Post) is the Italian postal service provider. Besides providing postal services, Gruppo Poste Italiane offers integrated communication, postal savings products, logistics, financial and insurance services throughout Italy.
1862 – 1990
Law no. 604 of 5 May 1862, (the so-called Postal reform), created a national and centralised organisation for postal service by introducing a unique general fee to pay for services, postal stamps, throughout the entire territory of the newly formed kingdom of Italy. Subsequently, with Royal Decree 5973 of 10 March 1889, the Directorate General of Posts and Telegraphs was separated from the Ministry of Public Works and thus turned into the Ministry of Posts and Telegraphs. It was commissioned to create a network of offices in Italy to forward and receive mail and telegrams, make and receive telephone calls, carry out financial transactions and manage assets. It also worked as branch offices for the nascent electric services for a time.
The giro service, (commonly known as BancoPosta since 2000), was founded in 1917. In 1924, during the Fascist period, the Ministry of Posts and Telegraphs was renamed Ministry of Communications becoming an important centre of power. The services network was expanded with the acquisition and implementation of new logistics facilities. New buildings in Functionalist style were built in the major cities.
With the development of telephony and radio communications, the Ministry incorporated the State Company for Telephone Services (ASST) and the nascent EIAR (which would later become RAI and run both public radio and television).
1990 – 2000
In the early 1990s, the Italian public administration and postal service were deemed irrecoverable in terms of efficiency and profitability. The budget deficit increased personnel costs, which in 1986 absorbed about 93% (including 16% for pensions) of the current revenue. From 1970 to 1985 employees’ productivity was reduced by 24% at the expense of the quality of services provided, generating an ever more critical deficit situation.
In 1994, in (Germany), the regular average of delivered daily mail after dispatch was almost 80%, while in Italy the comparable statistic was less than 20%. In 1989, the average time for mail delivery was 8.5 days.
An attempt was made to contain the obvious gap in the quality of Italian postal service compared to the rest of Europe, with Decree-Law no. 487 of 1 December 1993, converted by law no. 71 of 29 January 1994. This led to the transformation of the Italian Post Office from an independent company into a public business, with the additional step to SpA being taken in 1996 (implemented after 28 February 1998. The transformation process required the management of the Italian Post Office to adopt the production efficiency principle, recover the quality of services and bring about economic and financial recovery.
This led to the gradual reduction of the 4,500 billion lira deficit, in 1993, through specific policies to reduce production costs (80% due to staff costs), by increasing revenues from the sale of services to the PA and by reordering the tariff system, thus achieving a net profit by 2001.
In February 1998, the Ministry of the Treasury (The Prodi I Cabinet) appointed Corrado Passera, as the CEO of the newly formed Poste italiane SpA. The business plan implemented by Corrado Passera from 1998 to 2002 cut staff by 22,000 units.
On the other hand, according to some trade union leaders, there was a casualization of contracts for new recruits, cases of widespread harassment and resignation because of workload due to the excess staff cuts.
The Solidarity Fund was used for saving on labour costs as well as lowering the average age of the staff. The last two years of missing contributions from employees taking early retirement were paid for by a deduction in payroll for the new employees for 10 years. The company offsets these losses replacing them by recruiting many young workers under the age of under 24 and giving them three-year apprenticeship contracts.
2000 – 2010
In 2000, the Italian Post Office, through its subsidiary SDA Express Courier, acquired 20% of the share capital of the Bartolini company and officially formed the Consortium Logistics and Parcels with the three major companies for the sorting of parcels in the country. This agreement was also the subject of a challenge by the rival companies in court, but it ended in favour of the Consortium.
Poste Italiane has also adopted a control system for monitoring in real time all the post offices, the logistics network and the security of digital communications and transactions working with the Italian government, international agencies, universities and research centres.
The importance of financial products and services, such as the Postepay prepaid card, has been increasing in the last few years. Postepay, first introduced in 2003, achieved great success, especially among young people, gaining and maintaining first position at European level in pre-paid cards sector.
2010 – 2015
On 16 May 2014, the Italian government approved the stakes sale of up to 40 percent in Poste Italiane.
The company was forced to close 455 offices in 2015 due to low profit according to the Poste Italiane Spa CEO Francesco Caio’s decision. Today, as underlined by CEO Matteo Del Fante in November 2018, the company’s intention is to preserve post offices and take specific measures for smaller Italian cities.
The Ministry of Economy and Finance (Italy), which now owns 64.696% of Poste italiane SpA, sold about 35% of shares on Borsa Italiana. On 25 May 2016, a further 35% stake was transferred from the ministry to Cassa Depositi e Prestiti (CDP), making it the minority shareholder of the national investment bank. This has given it equity in stakes for Poste Italiane, but has also diluted its voting rights in CDP.
2015 – present
From the date of listing on the stock exchange (27 October 2015) to 31 December 2020, Poste Italiane's share price increased by 23% (while the FTSEMIB index decreased by 2%), guaranteeing an overall return for shareholders (TSR) of +63.8% while the main Italian stock exchange index recorded a loss of 15.8%.
Poste Italiane is now the largest logistics operator in Italy, and is a leading player in the financial, insurance and payment services sector.
With a turnover of over €12 billion, a Market revenue of €10.5 billion, an EBIT of €1.5 billion, a Net profit of €1.2 billion and a CAPEX of €680 million, (Data source: Annual Report 2020) the Group’s activities generate significant impacts on the country in terms of Gross Domestic Product, tax revenues, employment and household income. These impacts are the effect of the involvement of many local companies - many of them small and medium-sized - in the supply chain and investment activities in Italian companies and government bonds. Supporting both public and private actors, Poste Italiane contributes to the development of the entire national economy.
In particular services include:
- current accounts;
- promotion and distribution to the public of loans provided by banks and financial intermediaries;
- collection of postal savings.
Poste Italiane is now expanding its collective asset management operations.
The bank division, known as BancoPosta ring-fenced capital reserve, (BancoPosta FRC) in the balance sheet, had total assets of €56,969,835,924 as at 31 December 2014. If BancoPosta was a separate company, it would see the bank ranked as the 10th largest bank by total assets. Cariparma, which ranked as the 10th in the survey by Ricerche e Studi (a subsidiary of Mediobanca), had total assets of €50,296,831,000 as at 31 December 2014, despite the fact that the list also omitted some banks before Cariparma.
BancoPosta is mainly engaged in the management of the banking book, promotion and management of the postal savings instruments issued by Cassa Depositi e Prestiti (bonds and savings books), transaction banking services (payments and collections), promotion and distribution, through its own distribution platform, of financial products issued by third parties or other group companies.
Mail, Parcel and Distribution
Poste Italiane is the number-one mail service provider in Italy, awarded exclusively with the task of providing Universal Postal Service throughout the country.
It provides mail and parcel delivery services through a proprietary multichannel distribution platform. It is the leading service provider for hybrid mail management — a service enabling digital documents to be printed, enveloped and delivered in hardcopy to the addressee — and have developed hi-tech solutions for secure digital communications.
In recent years, the spread of e-commerce has driven major growth in the parcel delivery market.
Mail delivery, logistics, parcels and express delivery, have always been a key part of Poste Italiane's identity and also includes Italy's Universal Postal Service. In 2018, Poste Italiane handled approximately 3 billion items of mail and 127 million parcels, In the Deliver 2022 Plan in 2018, the company launched the new Joint Delivery model, which has redesigned the service by introducing afternoon and weekend deliveries and focused on modernising the fleet, by making it more environmentally-friendly with the introduction of 345 fully electric, three-wheeled scooters, with greater load capacity to facilitate parcel delivery in cities and improve occupational safety. The evolution of e-commerce logistics has led to the creation of PuntoPoste, the new accessible network that complements the network of over 12,800 post offices, enabling the collection and return of online purchases and the sending of pre-franked or prepaid parcels. In 2018, 417 PuntoPoste points were already operating, and the network will be expanded to include 3,500 units in 2019.  
Payments and mobile
This area includes:
- the e-money and electronic payments sector;
- our Poste Mobile mobile telephone operations;
- all new initiatives tied to the digital world.
The new division is also tasked as an internal competency centre for driving digital transformation.
Following the new opportunities created by the European Payment Services Directive (PSD2), in force as of January 2018, Poste Italiane decided to bring together payment, mobile and digital services under a single unit. The new division takes over the mobile phone operations of PosteMobile and continues to be a provider of digital services for the Public Sector as an Identity Provider through the PosteID digital identity service, accredited by the Public Digital Identity System (SPID). The Company is also a partner of PagoPA, the electronic payments system of the Public Sector.
Poste Italiane offers a full range of insurance, retirement and investment products.
It leads the Life insurance market in Italy through Poste Vita, established in 1999. Since 2010, company has also provided Casualty insurance through Poste Assicura, and it is a growing player in the Welfare segment, thanks to investments in the health insurance market.
Poste Italiane operates in the insurance business through PosteVita and Poste Assicura, offering life and casualty insurance products. Poste Vita additionally offers investment and savings products through BancoPosta distribution platform.
In April 2018, Poste Italiane defined its new Ethical Code, with a view to updating and extending the principles and rules of conduct to be followed in its relations with all of its stakeholders, with particular regard to its suppliers, partners, market, and shareholders. Concerning fairness, it states that it operates impartially and does not allow any direct or indirect discrimination based on the age, gender, sexual orientation and gender identity, disability, state of health, race or ethnic origin, nationality, political opinions and religious beliefs of its stakeholders. In addition, it safeguards the value of its staff acting to prevent all forms of intimidation, harassment or stalking in the workplace, as well as any abusive or defamatory interpersonal behaviour.
The Purpose of Poste Italiane: Grow responsibly thanks to the decisive contribution of its people to the sustainable success, innovation, digitisation and social cohesion of the country.
The first half of 2020 was a defining moment in the history of the country and the Company. The benefits of business diversification and operational resilience were confirmed in the emergency of the environment created by the Covid-19 pandemic.
Poste Italiane has been able to guarantee operational continuity, ensuring an uninterrupted service to its stakeholders, even in a critical and unfavourable scenario such as the Covid-19 pandemic one. In this context, the extensive collaboration with national institutions continued, making the Company’s operational know-how available to support the logistical activities of the Civil Protection.
In 2018 Poste Italiane defined a new sustainability strategy by adopting an ESG (Environmental, Social and Governance) strategic plan consisting of objectives that concern integrity and transparency, staff development, support for the region and the country, customer experience, decarbonisation of buildings and logistics and sustainable finance.
Poste Italiane has adhered to the Principles for Responsible Investments (PRI) and the Principles for Sustainable Insurance (PSI) promoted by the United Nations for the dissemination of a sustainable culture in investment and insurance policies.
Since 2018, Poste Italiane has introduced a programme, in collaboration with the Mayors of Italy, to support small Italian municipalities by strengthening its presence in throughout the country, urban redevelopment and security measures in the areas adjacent to Post Offices. The initiative is part of the broader Environmental, Social and Governance strategic plan which aims to support the development of the country.
Commercial network - Post Office Network
In the course of 2020, the new commercial model was developed. It saw the overcoming of the organisation by channel/product in favour of a model that strengthens the presence on the territory and simplifies dialogue with the territorial structures. With the new structure, the geographical responsibilities of the commercial functions of the Macro Territorial areas have been redefined, from 6 to 12.
The new organisational model of the post office network is based on a "Hub & Spoke" logic ¹ , which guarantees, especially for smaller post offices, efficiency and operational continuity in the event of a lack of resources, thanks to the creation of post office areas.
The Post Office Network function manages the commercial front end for the retail segment and is in charge of Macro Area offices, Branches and Post Offices covering the entire country.
¹ Network management and development system in which connections are made, using by analogy an expression referring to the bicycle wheel, from the spoke to the hub and vice versa. In this specific case, the Hub Office Manager is responsible for coordinating resources in terms of planning personnel attendance and managing replacements in the event of sudden absences, as well as providing commercial support, especially for products sold at the counter.
Comparisons with listed European postal operators are (Bpost, PostNL, Austrian Post, La Poste, CTT Correios, Deutsche Post-DHL, Royal Mail) on operating data by business (express courier and parcel services and mail services).
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