CBA and NAB, two major lenders in Australia, have extended their banking partnerships with Australia Post by a decade.
The two banks signed ten-year in-principle arrangements to continue offering basic banking services through post offices across the country. Australia Post’s Bank@Post offers banking services at more than 3,500 local post offices.
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The major banks utilise the Australia Post network to reach regional areas and cater to rural communities.
Australia Post Community and Consumer executive general manager Nicole Sheffield said: “We know how important the local Post Office is for so many communities and small businesses – particularly in regional areas. The support of CBA and NAB will ensure access to banking services for those communities can be maintained, and additional related services introduced, to better support the needs of banking customers for the next decade.
“The agreements will also allow us to invest further in our Post Office network, recognising the valuable role our people play in supporting communities across the country.”
CBA group executive retail banking services Angus Sullivan said: “Millions of Australians rely on CBA to do their banking, and I’m proud that this renewed partnership gives our customers more choice with how and where they bank with us over the next decade.
“We know that some customers want face to face banking services and this partnership with Australia Post supports our commitment to ensuring our customers in regional Australia have ongoing access to these services at the more than 3,500 Bank@Post outlets across the country.”
Separately, Westpac also extended its contract with Australia Post for an additional 12 months. They have started negotiations to sign a potential long term deal.
Recently, Westpac abandoned its previously announced demerger plans of New Zealand business.
