AUSTRALIA: Coles Myer nears completion of financial services alliance
Australian retailer Coles Myer is close to finalising a banking partnership with either Westpac Banking Corp. or HSBC Group's Australian subsidiary. The Westpac submission is believed more likely to succeed. "There's no final decision yet. But this is a sensible way forward for them [Coles Myer] in terms of leveraging off their customer base," an industry source told Dow Jones "HSBC made a bonafide run at this but there's a very strong relationship there with Westpac," the source said.
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