Scotiabank and Canadian Tire

Canadian Tire: Scotiabank announced Thursday that it is buying a 20 per cent stake in Canadian Tire financial services division for $500 million in cash and has agreed to provide up to $2.25 billion in credit card receivables financing to the business. , according to Hamilton Spectator. "The potential is unlimited when it comes to the range of products we can offer to each other customers," Wetmore said following the retailer annual general meeting. "We're both facing unprecedented change in how Canadians shop and bank, how Canadians pay for things." There is "unlimited" potential in partnering with Scotiabank, says the head of retail giant Canadian Tire. He called the retailer new relationship with the big bank an opportunity for both to share and bring in customers, particularly those just arriving in Canada. Canadian Tire chief executive Stephen Wetmore said the deal is a marketing dream and will allow the two companies to "introduce new customers to each other" and share each other products with a new audience. (www.immigrantscanada.com). As reported in the news.