Thursday, October 15, 2015
Scotiabank to Acquire JPMorgan Chase Credit Card Portfolio in Canada
Deal Link: http://www.theglobeandmail.com/report-on-business/scotiabank-to-buy-jpmorgans-canadian-credit-card-portfolio/article26821243/
From the news: Scotiabank and JPMorgan Chase announced today that the two companies have reached an agreement under which Scotiabank will acquire a MasterCard and private label credit card portfolio and the related credit card operations from JPMorgan Chase.
The credit card portfolio includes approximately $1.7 Billion in receivables and 2 million well-performing active customer accounts. The agreement also includes the acquisition of JPMorgan Chase's credit card operations in Canada. These operations include a highly-skilled bilingual call centre in Ottawa with fraud, collections, recovery and customer service expertise.
The JPMorgan Chase credit card portfolio being acquired is a MasterCard and private label credit card portfolio, currently associated with Sears Canada Inc. As previously communicated by JPMorgan Chase, the agreement with Sears Canada comes to an end on November 15, 2015. Scotiabank is committed to ensuring a smooth transition for all customer.
Upon closing of the transaction, Scotiabank will become the first bank in Canada to offer customers Visa, AMEX and now, MasterCard credit cards.
Just want to know, what will happen to Chase Canada? As after this, Chase Canada will only have 2 credit cards (Amazon Visa and Marriott Visa). Will Chase Canada sell them to some other Canadian banks too?