Commbank To Offer Cheap NBN
The Commonwealth Bank is acquiring a 25 percent equity stake in More Telecom and Tangerine, NBN providers with a combined 90,000 customers, to enable the bank to offer its seven million app users special telco deals.
It’s part of the CBA’s push, as Australia’s biggest bank, seeks to add services and push towards a platform business.
More Telecom and Tangerine, both Melbourne-based, trade as separate companies with the same management team and use Vocus infrastructure.
The deal will allow CBA customers to order NBN services, check their usage and balances, and relocate their service when moving home through the bank’s app.
Size of the CBA investment was not disclosed, but analysts estimate it was around $10 million.
By implementing the telco service, CBA ironically has become a disruptor in a market dominated by Telstra, Optus and Vodafone.