Coles looks ready to take the plunge on banking services

 In Australia, Coles, NewZealand
Despite the press releases and investor presentations, the fact is Coles and Woolworths have, to date, been tinkering at the edges of offering financial services, placing their toes in the water rather than diving in.
The extent to which Coles takes a step towards becoming a fuller-scale provider of banking products, including deposits, loans and transaction accounts, will be decided next year.
The trigger will be the expiry of its partnership deal with GE on the Coles MasterCard. The contract could be rolled over or a new partnership could emerge, potentially with a bank.
Coles could make a major assault on financial services by applying for its own banking licence (which has not been ruled out), or it could introduce a range of banking services tethered to the back office of an existing bank.  Sydney Morning Herald – Read more…

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