Coles likes banking, but not banks

Coles Myer says its does not want to be a bank, but is looking at distribution of managed funds and financial planning products. Coles chief executive John Fletcher told the Nine Network that Coles Myer was interested in linking up with a bank to offer financial planing and wealth management services. He said rather than offer its own products the retailer would only consider distribution of others', similar to the pre-paid insurance card with which customers can manage their purchases and claims.