Wary savers flee from banks to Poste Italiane

Poste Italiane is becoming popular for more than just stamps and registered mail. The Italian state-owned group is taking an increasing share of savers’ deposits as the financial crisis has raised concerns over the safety of banks.

The latest data from the group show a big inflow into savings accounts, new current accounts and savings certificates in October in spite of government assurances about the safety of the country’s banks and depositor guarantees of up to €100,000 ($127,000).