Coles spreads tentacles into financial services

joint-venture/life-insurance/

15 July 2014
| By Malavika |
image
image
expand image

Wesfarmers’-owned Coles is venturing further into financial services, announcing a joint venture business with GE Capital Australia. 

The 50-50 joint venture business will offer credit cards and personal finance products to begin with, an agreed memorandum of understanding said. 

Coles said the joint venture will leverage new payment technologies to provide financial services, including the recently launched Coles Mobile Wallet. 

It will also give customers, flybuys’ loyalty program, including discounts on groceries. 

The venture comes after Coles recently announced it would offer life insurance cover for as little as $1 a week, with Metlife underwriting the venture.  

“A joint venture is a logical next step for Coles to expand into financial services, building on the success of Coles No Annual Fee and Rewards credit cards,” Coles finance director Rob Scott said. 

The current 400,000 Coles MasterCard customer accounts will make up part of the joint venture, totalling almost $800 million in credit card receivables. 

The venture will start in 2015, subject to attaining regulatory licenses and approvals.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 5 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 3 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND