Wesfarmers takes charge of Coles credit card business as GE Capital exits

 In Australia, Coles, NewZealand
Supermarket giant Coles will take full control of its long-running $850 million credit card business, making it the first time an Australian supermarket will fund its own financial services operation.
The purchase of the remaining 50 per cent held by GE Capital Finance JV Holdco would add to Coles’ 800,000 customers covering car, home and life insurance, credit cards and mobile wallet, said Rob Scott, financial services managing director of Coles’ parent Wesfarmers.
Coles also plans to cover pets and travel insurance. Its rival Woolworths sells home and contents, car, travel, pet and life insurance.
While the big two supermarkets have long sought to exploit their huge customer numbers by selling other companies’ insurance, a Coles-funded offering would compete with the big four banks, which have about 80 per cent of the local credit card market.  Sydney Morning Herald – Read more…

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