Australia Post has announced landmark deals with the Commonwealth Bank of Australia (CBA) and NAB to offer banking services in Post Offices across the country for the next decade.
The landmark 10-year in principle agreements with the two major banks means more than 3,500 local post offices (about 2,900 are licensed) will continue to provide community banking through the Bank@Post service.
Australia Post executive general manager community and consumer Nicole Sheffield said the banks’ support will also see additional related services introduced to post offices.
“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,” she said.
“Australia Post looks forward to working closely with CBA, NAB and our other banking partners to continue to provide essential banking services to their customers across our national network of Post Offices,” Sheffield said.
The banking executives echoed the sentiment that the latest deal supports regional Australians.
NAB group executive personal banking, Rachel Slade, said “Together with our branch network, this partnership means our customers have more than 4000 locations they can bank with us. It provides extra support, particularly for those remote and rural customers, to be able to access face-to-face banking services.”
CBA group executive retail banking services, Angus Sullivan, said “We have a strong relationship with Australia Post and investing multi millions of dollars each year for a decade in the capability, technology and security of Bank@Post outlets builds on our priority to reimagine services and ensure our customers can continue to bank easily, safely and securely whenever they visit a participating Australia Post outlet.”
Westpac’s contract with Australia Post has been extended for a further 12 months while the two organisations negotiate a possible longer-term agreement.
