By KARYN SCHERER
The Warehouse chain is looking at its own banking services - a move that could see a major shake-up among the big four banks.
With 69 stores nationwide, the discount retailer is understood to be well down the track towards a joint venture with the ANZ in which services could be marketed under the name "The Warehouse Bank."
A similar venture in Australia saw Woolworths customers offered free transactions and up to 50 free withdrawals a month.
The Warehouse has been eyeing banking-type services for more than a year.
It already offers two types of insurance, as well as its own store card, but it is known to have been talking with both WestpacTrust and ANZ about extending into other financial products.
The partnership comes as banks are trying to slash costs by closing branches and replacing tellers with cheaper services such as telephone and Internet banking.
It also follows a year of spectacular growth for The Warehouse Group, which confirmed last week that it had rung up more than $1 billion of sales for the 12 months to the end of January.
The company has been reported to be interested in setting up Internet banking services, but managing director Stephen Tindall yesterday described the reports as "rubbish."
He admitted that the banking plans were taking longer than he originally expected.
But he said the project was "proceeding nicely" and he hoped to be able to make an announcement within the next three months.
The partnership in Australia between Woolworths and the Commonwealth Bank of Australia is expected to shake up banking services across the Tasman.
The Australian service, known as Ezy Banking, has been trying to woo customers with offers of free transactions.
It is expected to be available in more than 600 Woolworths, Big W and Safeways stores by the end of June.
The CBA, which owns the ASB Bank in New Zealand, claims that half the people using the service have transferred from other banks.
In Britain, major retailers have also struck partnerships with banks, offering their own mortgage, insurance and credit card services.
Several New Zealand supermarkets have been testing in-store banking kiosks for some time but have experienced mixed success.
Bargain retailer takes on banks
AdvertisementAdvertise with NZME.