By Ry Crozier on Jul 22, 2021 8:28AM
Will offer discounted NBN and broadband to customers.
CBA is making a surprise play in the Australia broadband market, taking stakes in More Telecom and Tangerine and using its banking app to try to persuade customers to switch their provider.
The bank said on Thursday it had entered a “new strategic partnership” with sister companies More Telecom and Tangerine, and acquired “a 25 percent ownership stake in both.
It will use the partnership to “offer discounted NBN and broadband services” to banking customers, mostly by recommending a provider switch through the CommBank app.
“The average monthly cost of internet in Australia is one of the most expensive in the world, and we are uniquely positioned to help customers manage these costs,” CBA’s group executive for retail banking services Angus Sullivan said.
CBA cracks into telco with 25% stake in More Telecom and Tangerine Telecom
arnnet.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from arnnet.com.au Daily Mail and Mail on Sunday newspapers.
NBN resellers More Telecom, Tangerine Telecom secure investments from Commonwealth Bank
crn.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from crn.com.au Daily Mail and Mail on Sunday newspapers.
Commonwealth Bank (ASX:CBA) shares higher as bank moves into broadband business
The competition for your banking business is heating up.
Bernd Struben earned his economics degree in the US. Following several years writing about the tourism industry in the Caribbean, he moved to The Netherlands to cover the EU s booming commercial real estate markets. He moved to Australia in 2010, where he transitioned to analysing the Aussie equity markets. He employs a combination of macro economics and company specific data to gauge what he believes are tomorrow s best investments. In his free time, you re likely to find Bernd at the beach or dabbling away on a new work of science fiction.
CBA forms customer rewards partnerships
finextra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from finextra.com Daily Mail and Mail on Sunday newspapers.