In October 1988 Coles Myer was listed on the New York Stock Exchange. During 1987-88, the company established Coles Myer/Ansett Travel Pty. Ltd. (CMAT), a joint venture with Ansett Transport Industries Ltd., to manage retail travel centers located in company stores. In 1990 CMAT acquired the travel business of the ANZ Bank Ltd. Electronic funds transfer at the point of sale was introduced to all Coles Myer stores as part of the development of electronic scanning cash registers and other point-of-sale register systems to improve efficiency in 1989. In mid-1989, as part of a decision to concentrate on core businesses, the company sold its 25 percent minority stake in Bank of America Australia Ltd. to the bank's U.S. parent, BankAmerica Corporation. Also in 1989, Myer Stores launched Myer Direct, a mail order business.