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CORRECTED-Scotiabank to buy credit card portfolio from JPMorgan in Canada
October 15, 2015 / 3:05 PM / 2 years ago

CORRECTED-Scotiabank to buy credit card portfolio from JPMorgan in Canada

(Corrects currency to Canadian dollars from U.S. dollars in paragraph 2)

Oct 15 (Reuters) - Bank of Nova Scotia said it will buy a MasterCard Inc and private label credit card portfolio and related operations from JPMorgan & Chase Co .

The portfolio, which is associated with Sears Canada Inc , includes about C$1.7 billion ($1.32 billion) in receivables and 2 million active customer accounts.

The Canadian lender said the terms of the deal will not be financially material to Scotiabank or JPMorgan.

The deal, which will add to Scotiabank’s earnings in the first year, will impact the company’s common equity tier-one capital ratio by less than 10 basis points, the company said. ($1 = 1.2857 Canadian dollars) (Reporting By Sudarshan Varadhan in Bengaluru; Editing by Don Sebastian)

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