The Post Office in the UK is to resume offering transaction bank accounts, using the Bank of Ireland to support the service, the Financial Times reports. The Bank of Ireland already offers savings accounts, insurance products, credit cards and mortgages through the Post Office. Nick Kennett, director of financial services at the Post Office, is a former Commonwealth Bank executive. National Australia Bank expects its pace of growth to slow as competition intensifies amid low credit expansion. "I think competitors are back," Cameron Clyne, NAB's chief executive, told Bloomberg: "You have got four big banks built around big levels of origination and if there is less origination they tend to fight for it more aggressively." Genworth Financial adopted a slight shift in emphasis in its annual report on the likely timing of its sale of a 40 per cent stake in its Australian subsidiary. Genworth said: "We do not expect an IPO to occur until the fourth quarter of 2013 or later." This is the clearest statement yet that the float will be delayed until 2014.