Postal Bank Development – Pristina Financial Union (PFU)
Western Union International has been operating through 8 years in the South-West Balkans through the Financial Union of Tirana (FUT) in Albania and Pristina Financial Union (PFU) in Kosovo, a licensed non-bank Financial Institution, both part of the same organisation. FUT utilises the post offices in Kosovo for the international remittances. Business has developed rapidly and both FUT and the postal enterprises look towards product expansion in consumer banking services through the phased development of postal banking entities.
ING Advisory (now Financial Access) executed a project (business case) for the development of a Postal Bank in Kosovo and Albania, which was divided in two phases:
- Feasibility study to outline the possibilities for FUT/ PFU to establish Postal Banks independently or jointly with other business partners and investors in Kosovo, Albania and subsequently Macedonia (including guidelines for further design and implementation).
- Implementation Phase, of which the approach, scope and other involved partners and approval procedures depended on the outcome of the feasibility study.