Wesfarmers' (ASX:WES) Coles has acquired National Australia Bank’s (ASX: NAB) 50 per cent interest in FlyBuys, Australia’s first and largest shopping rewards program. NAB remains a major participant in the program.

Coles Finance Director Tony Buffin said Coles is excited to acquire full ownership of FlyBuys and the opportunity to reinvigorate the program.

“Both Coles and NAB have agreed FlyBuys will see greater success under a single, focussed ownership structure,” Mr Buffin said.

“We believe there are numerous opportunities to enhance the program by creating more value and better rewards for FlyBuys members.”

John Salamito, Executive General Manager of Consumer Product Solutions at NAB said the Bank is right behind FlyBuys.

“Half a million NAB customers already enjoy the benefits of FlyBuys and our vision, shared with Coles, is to deliver even more value to them through the program,” said Mr Salamito.

There are no immediate changes for FlyBuys members, who can continue to earn points at Coles, Kmart, Target, Coles Express and Liquorland, as well as other participating companies.

NAB customers can also continue to earn additional points for all purchases made on NAB Standard and Gold credit cards, which are linked to their FlyBuys membership.