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CBA tackles telco market with More Telecom and Tangerine Telecom stake

CBA tackles telco market with More Telecom and Tangerine Telecom stake

Plans to offer select NBN and broadband services through its CommBank app.

Credit: Supplied

The Commonwealth Bank of Australia (CBA) has acquired a 25 per cent stake in telecommunications companies More Telecom and Tangerine Telecom to offer National Broadband Network (NBN) and broadband services. 

Both headquartered in South Melbourne, More offers NBN broadband, phone and mobile services to homes and businesses while Tangerine provides NBN and SIM-only mobile services. 

Some services will be available on the CommBank app in the future, according to CBA’s Group executive for retail banking services Angus Sullivan. 

“The integration of More Telecom and Tangerine into the CommBank app will give our customers greater control over their finances, in future potentially allowing them to view their NBN or broadband plan, usage and upcoming bills in one place," he said.  

“This partnership supports our ambition of providing our customers with one of the best digital experiences of any company globally.” 

Andrew Branson, co-founder of More and Tangerine, said the partnership would allow the two businesses to expedite their expansion plans. 

“We aggressively entered the NBN market in 2013 and have built our customer base to become one of Australia’s largest privately-owned telcos,” he said. “Our plan was always to capture a significant market share in NBN and partnering with Australia’s largest bank to distribute our products and services will only help that.” 

The move to offer telco services follows a similar move by the bank to diversify its product offering for its customers, grabbing 23 per cent of online shopping start-up Little Birdie and 25 per cent of wholesale electricity pricing subscription service Amber in May. 

“Our partnerships with Little Birdie, Amber, and now More Telecom and Tangerine, are core to the way we help our customers find great deals and save them money. These partnerships initially focus on our 11 million retail customers, 7.5 million of whom are digitally active, and underscore the unique and compelling value of banking with the Commonwealth Bank,” Sullivan said. 

“The integration of More Telecom and Tangerine into the CommBank app will give our customers greater control over their finances, in future potentially allowing them to view their NBN or broadband plan, usage and upcoming bills in one place. This partnership supports our ambition of providing our customers with one of the best digital experiences of any company globally.”


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Tags commbankCommonwealth Bank of AustraliaTangerine TelecomMore Telecom

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