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Scotia Acquires Sears Canada Bank Card Portfolio From Chase

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An additional shake-up into the credit that is canadian industry, Scotia has obtained the Sears Canada MasterCard and personal label charge card portfolios from Chase Canada.

The purchase includes about $1.7 billion in bank card loan receivables and 2 million records. Scotia may also get some good of Chase Canada’s bank card operations, included in the contract. It will never be stepping into a partnership with Sears Canada.

Scotia should be transforming Sears MasterCard and private lavel bank card holders up to a Scotia bank card when you look at the forseeable future.

This is certainly another significant move by Scotia into the Canadian charge card market, which includes recently launched the GM Visa card and took an equity stake into the charge card company of Canadian Tire Financial Services.

In This Specific Article:

Implications For Canadians

You will find a handful of significant implications for Canadians:

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