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CBA agrees to $110-million deal with Australia Post

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The Commonwealth Bank has agreed to a $110-million deal to keep banking services running at Australia Post branches.

CBA has signed a five-year agreement which will see the bank pay $22 million year to support basic banking services at Australia Post.

It comes as the Royal Banking Commision saw almost 200 bank branches close across the country, particularly in rural and regional areas.

It left many communities with no local bank branch.

Australia Post CEO Christine Holgate tells Ross Greenwood she’s “hopeful” all of the big banks will sign up.

“If all our major banks were prepared to sign up then actually it would create $500 million of additional investment.

“That would be pretty incredible.”

Ms Holgate says the investment is crucial and would allow for “all Australian communities” to access important financial services locally.

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