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.