Big merchants to do their own banking
Qantas, Australia Post and Woolworths are among a host of large merchants looking to join Coles Myer and process their transactions in-house, at the expense of their banks. National Australia Bank said it was not concerned with the development and believed it could lift its market share as business reassessed its banking relationships. NAB has increased staff in its business banking division and spent $40 million on a new online business banking platform. Business deposits were growing for NAB and seemed to be coming out of Commonwealth Bank accounts said analysts.