Coles buys out NAB’s share of FlyBuys
FlyBuys, the joint venture begun by Coles, Shell and NAB, is now fully owned by the supermarket giant, after an annoucement that they had bought out the 50% share of their last remaining partner, NAB, for an undisclosed sum.
The loyalty program, which is the fifth largest in the world with over 10 million cardholders, annouced a record 400,000 new cardholders in 2009, in a demographic 12 years younger than the program’s average. At the time, Coles attributed the program’s growth to the economic downturn and new points opportunities.
According to the companies, NAB will remain behind the program as a major participant.
Coles Finance Director, Tony Buffin, said Coles was excited by the opportunity to “reinvigorate the program”.
“Both Coles and NAB have agreed FlyBuys will see greater success under a single, focussed ownership
structure,” Buffin said.
No immediate changes will be made to the FlyBuys card system, with NAB customers still able to earn additional points for purchases made on certain credit cards linked to the program.