Swiss retailer Coop relaunches banking activities
Swiss supermarket Coop is getting back into banking with the launch of bank account and pension services. These will be accessible via an app and will make it possible to withdraw cash from the retail giant’s tills.
The Coop Finance service has been developed in cooperation with Aargau-based bank Hypothekarbank Lenzburg and offers savings and current accounts, as well as a debit card that can be used to withdraw cash from Coop’s 1,000 supermarkets, the bank said in a statement on Tuesday.
The app also provides access to third-pillar pension products, in collaboration with the Liberty 3a pension foundation, Glarus Kantonalbank as custodian bank and asset manager, and Vanguard and OLZ as fund partners.
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“Other digital financial products should follow in the coming months,” said Thomas Schwetje, head of the Digital & Customer unit, without giving any further details.
In the past, Coop was present in the banking business with Bank Coop, which became Bank Cler in 2017 and was fully acquired in 2018 by Basler Kantonalbank.
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