People who buy insurance from The Warehouse or have a Visa card issued by company shouldn't see any immediate changes from it offloading its financial services business, the company says.
The Warehouse has agreed to sell its financial services business – branded Warehouse Money – to Invercargill-based SBS Bank for $18 million, but will continue to sell its products under its own brand in its stores.
The retailer warned the deal was likely to result in a $16m impairment when it posts its annual result on September 22, as it writes down the book value of software used to support the business.
The Warehouse had placed its shares in a trading halt on Monday morning, ahead of the announcement.
Subject to the finalisation of documentation over the next five weeks, The Warehouse's financial services business will become part of SBS Bank subsidiary Finance Now.
The Warehouse launched Warehouse Money in 2015 after spending $7.3m buying Westpac out of a joint venture which had offered credit cards.
It now also offers car, house, travel and health insurance.