Woolworths Limited
(ASX:WOW) has appointed Macquarie Bank [Macquarie Group Limited
(ASX:MQG)] as its new credit card issuing partner.
Australia’s largest listed investment bank has acquired the existing credit card portfolios from HSBC Bank Australia for an undisclosed fee.
The supermarket giant says its new partnership with Macquarie will continue to offer Woolworths Everyday Money Credit Card and Woolworths Qantas Credit Card.
Woolies and Macquarie expect to work with HSBC to migrate the portfolio from HSBC’s systems later this year.
Media reports have speculated the value of the assets sold may have come with a price tag of about $360 million.
Woolworths boosted its net profit to $1.33 billion in the first half of the 2014 financial year.
