The state owned entity is soon to announce it will to distribute its products under new umbrella brand Post Office Money, while planning to double in size by 2020, according to Sky News.
The business currently offers financial products to around six million customers, including insurance, mortgages, savings accounts and foreign exchange, some of which are provided through a partnership with Bank of Ireland.
Further products, including a new range of current accounts, are expected to follow.
Director of financial services Nick Kennett told Sky News: “Consumers want a choice about how they manage their money; at Post Office Money our customers have access to an unrivalled network as well as online and phone, combined with multi-award winning products.
“We have been listening to our customers and know that people are facing some big financial decisions, and through the new Post Office Money we want to become their first choice when thinking about a mortgage, credit card or a safe haven for their savings.”
Read: Post Office returns to buy-to-let market
