Canadian Tire Corporation and Scotiabank are entering into a strategic partnership under which Scotiabank acquires a 20% equity interest in Canadian Tire’s financial services business.
The agreement also provides for a funding commitment from Scotiabank to Canadian Tire’s financial services business with credit card receivable financing, an exclusive partnership, and joint marketing for the financial products offered to Canadian Tire customers.
The transaction is expected to close by September 30, 2014.
Source: Scotiabank
Date: May 8, 2014
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