Logistics, Finance - Australia Post And CBA Extend Partnership
Commonwealth Bank of Australia (CBA) has reached an agreement to support critical investment in Australia Post’s Bank@Post service.
It's a five-year deal in which CBA will contribute a new annual Community Representation Fee of $22 Million and revised transaction fees. That will allow Australia Post to invest in the Post Office network, which is especially good news for those 1,550 communities that depend on Australia Post to access financial services because they have no bank branch. Australia Post was in danger of suspending the service or closing some community Post Offices without the investment.
"I am extremely appreciative that the nation's largest bank has taken a lead position in supporting Australia Post. This investment will not only help save a critical service in Post Offices serving the communities of Australia, it saves jobs and supports the financial viability of our local Post Office partners," Australia Post's Group Chief Executive Officer and Managing Director Christine Holgate said.