Reginal Thomas
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Scotiabank buys JPMorgan's Sears Canada credit card business

JPMorgan & Chase Co announced it is selling its Canadian credit card portfolio associated with Sears Canda Inc to Bank of Nova Scotia, one month before the expiry of the servicing agreement by the U.S. bank.

Last year in November JPMorgan notified retailer it was not renewing their agreement. The deal is expected to add to Scotia Bank’s earnings in the first year and will impact the firm’s common equity tier one capital ratio by less than 10 basisi points.

JPMorgan acquired the credit card receivables unit in 2005.