Menu
Pharmacies set to become "banks of the bush"

Pharmacies set to become "banks of the bush"

The Pharmacy Guild of Australia is reportedly on the verge of signing a retail banking agreement that it hopes will help lessen the impact of a mass bank exodus from rural areas.

An industry source claims the Guild - which represents about 95 per cent of Australia's 5000-plus pharmacies - is looking to form a banking alliance in a bid to make pharmacies "the banks of the bush".

The assertion follows several reports of purported unions between banks and retail outlets which are keen to offer electronic, on-site banking services - such as ATMs - at non-traditional banking sites in an attempt to survive in an increasingly liberalised environment.

"We've been saying that pharmacies are a really important part of community life and when the banks go, everything else goes with them. But pharmacies tend to keep going," a Guild official said. "Essentially, what we're saying is that pharmacies could be the banks of the bush."

Although it refutes claims that it plans to sign a retail banking deal "in the near future", the Guild spokesman said such a proposal is under consideration.

"We've made a submission to a standing committee saying that pharmacies could provide those sorts of financial services, but I don't think we're as close as speculation suggests to a deal with a particular bank."


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Show Comments