Oct
15

Scotiabank to Buy $1.3 Billion of JPMorgan Canada Card Loans

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Bank of Nova Scotia agreed to buy C$1.7 billion ($1.3 billion) in Canadian credit-card receivables from JPMorgan Chase & Co., including those tied to Sears Canada Inc.

The deal for the MasterCard Inc. and private-label card portfolio includes about 2 million customers, Toronto-based Scotiabank said Thursday in a statement that didn’t disclose terms.

Chief Executive Officer Brian Porter made expanding Scotiabank’s credit-card business a priority last year, and struck a deal with Canadian Tire Corp. to buy a 20 percent stake in the retailer’s financial-services business. Scotiabank, the country’s third-largest credit-card issuer, has used partnerships with theater-chain owner Cineplex Inc. and the National Hockey League to attract customers…

Scotiabank to Buy $1.3 Billion of JPMorgan Canada Card Loans

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