Sociedad Estatal de Correos y Telégrafos, S.A., trading as Correos, is the national postal service of Spain, as recognized by the Universal Postal Union. The company is 100% state owned, through the State Industrial Holding Company (SEPI). With 63,000 employees and 5.4 billion pieces of mail sent each year, Correos is one of the largest postal services in the world. Based in Madrid, it has over 10,000 postal centres all over Spain.