Would You Like A Loan With That? Coles Ups The Pressure On Australia's Big Banks

Getty/ Ian Waldi

It what seems like an interestingly timed announcement, given the Murray Inquiry’s interim report release today, Coles is joining forces with global financial behemoth GE Capital in offering its customers personal loans.

The SMH reports this morning that the joint venture will will be on 50:50 terms and continues the global trend, most evident in the UK, of large retail organisations pushing into banking and financial services.

“There are a whole range of products and services that we can get involved in. But we also have a few screens,” Coles finance director Rob Scott said.

“The first thing is can we deliver fantastic value and, secondly, can we offer great service?

“We are not interested in just clipping the ticket, which is what some distributors have done.”

The joint venture launches in 2015 and is targeting a loan book of $800 million in the first year.

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