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DEJA VU FOR COLES

08 December 2006 11:00AM
Coles Group and National Australia Bank said yesterday that the bank would install 322 automatic teller machines at Coles and Kmart outlets. The timetable for the rollout isn't clear, though its notable the announcement doesn't extend to the Shell service station network owned by Coles.The Financial Review takes the announcement of this plan and goes on to report that Coles and NAB are believed to be looking to extend the alliance to include the possible launch of Coles-branded home loans, insurance and even deposit accounts.These ideas have been on the agenda at Coles, as options for study, for probably 15 years. Whether the latest talks over cultivating a model for "supermarket banking" are particularly serious, or even taking place at all, isn't clear.The eight year old Woolworths and Commonwealth Bank EzyBanking model, while still in existence, is under care and maintenance and no longer actively supported by Woolworths, which signed up ANZ to install ATMs at supermarkets and service stations.St George Bank's attempt to develop a deposit-based retailing strategy in conjunction with Foodstuffs in New Zealand ended in losses this year four years after setting out to create a new niche in the Kiwi market.Coles Group and National Australia Bank said yesterday that the bank would install 322 automatic teller machines at Coles and Kmart outlets. The timetable for the rollout isn't clear, though its notable the announcement doesn't extend to the Shell service station network owned by Coles.The Financial Review takes the announcement of this plan and goes on to report that Coles and NAB are believed to be looking to extend the alliance to include the possible launch of Coles-branded home loans, insurance and even deposit accounts.These ideas have been on the agenda at Coles, as options for study, for probably 15 years. Whether the latest talks over cultivating a model for "supermarket banking" are particularly serious, or even taking place at all, isn't clear.The eight year old Woolworths and Commonwealth Bank EzyBanking model, while still in existence, is under care and maintenance and no longer actively supported by Woolworths, which signed up ANZ to install ATMs at supermarkets and service stations.St George Bank's attempt to develop a deposit-based retailing strategy in conjunction with Foodstuffs in New Zealand ended in losses this year four years after setting out to create a new niche in the Kiwi market.

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