ANZ stakes Free Net claim

Ramin Mazbani, principal consultant at www.consult, said the deal is "an e-commerce move" for the company. "It's not really about banking. ANZ realises one of the major sources of money in the world of the Internet economy is the equity market."

Unlike the National Australia Bank (NAB), which has formed a partnership with rival free ISP FreeOnline in an effort to draw more customers to its service, ANZ is not just aiming to gain new Internet banking customers, Mazbani said.

From ANZ's perspective, the deal represents the creation of a "differentiated online service", said Michelle Gibbings, ANZ's media relations manager.

"In terms of the service we provide customers at ANZ.com, in addition to banking we provide access to portals and other sites.

"We think [this deal] will help with growing customers and retaining customers," she said.

However, despite wanting to use the deal to grow its customer base, the service will initially only be offered to select customers via invitation, Gibbings said.

"People can certainly come and talk to us, but we really want to make sure we meet customers' needs so we are offering a phased introduction with selected customers," she said.

Gibbings said the service will initially be offered as a pilot program from mid-February for randomly selected customers in Melbourne and Sydney. It will be extended to Brisbane and Adelaide later. Between 50 and 100 of ANZ's Internet banking and eTrade customers will take part in the pilot, she said.

While the majority of the industry preferred to keep quiet about the deal, Brandon Philips, an NAB spokesman, said his bank can understand why ANZ made the investment. "We obviously understand the benefit in providing this type of service to Internet banking customers," he said.

"We are completely accustomed to competition on all fronts and it looks like it will continue on the Internet front as well."

NAB signed an agreement with FreeOnline in November last year to provide free Net access to its customers. Philips said NAB made a "small equity holding" in the ISP, but would not disclose the size of the stake.

In its deal with Free Net, ANZ also takes up Board representation and has the option to increase its stake to 30 per cent.

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.
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Luisa Bustos

PC World
Show Comments

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Luke Hill

MSI GT75 TITAN

I need power and lots of it. As a Front End Web developer anything less just won’t cut it which is why the MSI GT75 is an outstanding laptop for me. It’s a sleek and futuristic looking, high quality, beast that has a touch of sci-fi flare about it.

Emily Tyson

MSI GE63 Raider

If you’re looking to invest in your next work horse laptop for work or home use, you can’t go wrong with the MSI GE63.

Laura Johnston

MSI GS65 Stealth Thin

If you can afford the price tag, it is well worth the money. It out performs any other laptop I have tried for gaming, and the transportable design and incredible display also make it ideal for work.

Andrew Teoh

Brother MFC-L9570CDW Multifunction Printer

Touch screen visibility and operation was great and easy to navigate. Each menu and sub-menu was in an understandable order and category

Louise Coady

Brother MFC-L9570CDW Multifunction Printer

The printer was convenient, produced clear and vibrant images and was very easy to use

Edwina Hargreaves

WD My Cloud Home

I would recommend this device for families and small businesses who want one safe place to store all their important digital content and a way to easily share it with friends, family, business partners, or customers.

Featured Content

Product Launch Showcase

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?