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Coop, a prominent retailer, is making a return to the banking sector, with plans to offer banking products once again. Two banks have simultaneously announced a new collaboration with Coop.
Coop had previously exited the banking business in 2018, fully handing over the former Bank Coop to the Basler Kantonalbank (BKB). Until 2017, the “Bank Coop” existed, which after Coop’s exit from the banking business, became the Bank Cler. Now, Coop is making a multi-track return to the banking sector.
On one hand, a partnership with Hypothekarbank Lenzburg is planned. The collaboration aims to distribute banking products to Coop’s customers, according to a statement from the bank on Monday. Further details about the collaboration will be announced at an official launch at a later date.
A model will be set up in which the partner launches a financial app, but the processing is done via Hypothekarbank, similar to what Neon already does. Hypothekarbank CEO Marianne Wildi (58) has not yet commented on how many new businesses she expects from the Coop partnership. However, she assures that Hypothekarbank is technically capable of accommodating several thousand new customers per day.
On the other hand, Coop plans to collaborate with Glarner Kantonalbank (GLKB), Liberty 3a Pension Foundation, and other partners from the financial and service industry. This was announced by GLKB on Monday. This second collaboration involves products in the pension sector. Glarner Kantonalbank acts as the custodian bank and asset manager of the Liberty 3a Pension Foundation.
The partnership is related to the recently introduced “Focus26” strategy and a planned strengthening of the pension business.