By Aimee Chanthadavong

Coles has acquired National Australia Bank's 50 per cent interest in FlyBuys, Australia’s first and largest shopping rewards program.

Jim Cooper, Coles spokesperson, told RetailBiz that it was only a fitting move for Coles and it looks forward to making some positive changes to it.

“The FlybBuys program has been around since 1994 and Coles has been with it for a long time as one of the founders of the program. So our customers have been apart of it for a long time,” he said.

“This acquisition is more a matter of taking a long running and successful program and making it better.”

According to Cooper, while there are no immediate plans to make changes to FlyBuys, Coles is looking forward to what it will be able to do with the reward program in the long-term.

“We’ve only acquired full control so it’s too early to tell. But there’s a range of option to enhance the offer and we’re excited about the opportunity,” he said.

As part of the acquisition, NAB will remain as a major participant in the program.

The purchase price was not disclosed.