Canadian lender Scotiabank has agreed to acquire JPMorgan Chase’s MasterCard and private label credit card portfolio and the related credit card operations.

The credit card portfolio comprises about $1.7bn in receivables as well as two million well-performing active customer accounts.

The deal also includes the acquisition of JPMorgan Chase’s credit card operations in Canada, which include a bilingual call centre in Ottawa with fraud, collections, recovery and customer service expertise.

Scotiabank’s common equity tier one capital ratio will be impacted by less than 10 basis points, mainly from the acquired assets.

The deal, subject to regulatory approval, is not financially material to Scotiabank or JPMorgan Chase.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Scotiabank group head of Canadian banking James O’Sullivan said: "This transaction is in line with our strategy to grow Scotiabank’s payments business, including credit cards, while providing our shareholders with attractive risk adjusted returns.

"Upon closing of the transaction, Scotiabank will become the first bank in Canada to offer customers Visa, AMEX and now, MasterCard credit cards."