Business Services Industry
Coles silent on store banking link with Westpac.
Australasian Business Intelligence, July, 2002
ABIX via COMTEX) -- The giant Australian retailer Coles Myer may be close to finalising a key financial services arrangement. It may be teaming up with Westpac to offer a banking service in its stores. No spokesperson from Coles Myer would confirm that the deal with Westpac is going ahead. However, Coles Myer is keen to make use of its huge customer base and offer financial services. Its rival, Woolworths, has had a major success by collaborating with the Commonwealth Bank of Australia to offer Ezy Banking. Some 14 million people pass through Coles Myer stores each week, including the Bi-Lo supermarkets and Myer-Grace Bros department stores. On 3 July 2002, Coles Myer shares dipped by $A0.07 to $A6.63, whole those of Westpac dipped by $A0.02 to $A16.03.
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