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Coop, a prominent retailer, has plans to reintroduce banking products in the future. To achieve this, Coop is collaborating with Hypothekarbank Lenzburg and Glarner Kantonalbank (GLKB).
The partnership with Hypothekarbank Lenzburg aims to distribute banking products to Coop’s customers, as stated by the bank. However, further details about the collaboration will only be disclosed during an official launch at a later date.
As for the second collaboration, Coop is working with GLKB, Liberty 3a Pension Foundation, and other partners from the financial and service industry. According to GLKB, the plan is to distribute pension solutions, with the cantonal bank acting as the custodian bank and asset manager of the Liberty 3a Pension Foundation. This partnership is related to the recently introduced “Focus26” strategy and a planned strengthening of the pension business.
Coop has previously been involved in the banking business. For a long time, Basler Kantonalbank was the majority shareholder until it fully acquired the bank in 2018.