The Post Office has rejigged its white label deal with the Bank of Ireland (LSE:BKIR) as part of a five-year extension of their partnership.
In a statement, the Bank of Ireland said it will now focus on savings products and no longer provide Post Office branded mortgages or personal loans.
Foreign exchange services provider First Rate Exchange Services, a 50/50 joint venture between BoI and the Post Office, is unaffected.
Bank of Ireland added that it had also decided to end a partnership in unsecured personal loans and savings products with the AA by mutual consent
In its statement, BoI said that, historically, the vast majority of its UK unsecured personal loans originated through these partnerships but the total has been reducing this year with balances expected to be €1.3 billion at end of December 2023.