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Woolies and HSBC team up for credit card launch Date Published : Monday, March 10, 2008
One of Australia's largest retailing groups has launched its own range of Woolworths credit cards after securing a deal with a major bank.
Woolworths supermarkets has signed a deal with HSBC Australia to release a raft of credit cards, aimed at a wide range of potential customers, which will officially be unveiled later this year.
Financial Standard reports that Woolworths', also known widely as Woolies, stores process 114 million transactions or 11 per cent of all credit card transactions in Australia each year.
The tie-up is the first such link between HSVC Australia and a retailer; however, in the UK, HSBC provides credit card deals for world-famous retail group Marks & Spencer, as well as Saks in the US.
A formal agreement, outlining the products that will be on offer to customers, will be drawn up by the end of March.
Stuart Davis, chief executive of HSBC Bank Australia, told the news provider: "HSBC manages over 125 million credit cards worldwide, with established co-branded and white label alliances with over 100 of the world's most respected companies."
Michael Luscombe, chief executive officer of Woolworths, said: "HSBC's experience makes it a perfect partner for Woolworths to leverage our unique distribution reach and customer base in Australia."
In related news, all of HSBC's cash machines are to be upgraded in a wide-ranging update of ATMs across Australia.
Cashcard Australia is to upgrade over 6,000 machines across the country, covering a number of the nation's most popular banks, Insider Retailer reports.
Compare your current credit card rates with Australia's top providers.
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