Bank of Nova Scotia is buying 20 percent of Canadian Tire Corp Ltd's financial services business for C$500 million ($459 million) in a move to boost the bank's market share in credit cards and get access to more customers.The bank, Canada's No. 3 lender, will also supply up to C$2.25 billion in credit card receivable financing to Canadian Tire's unit, it said on Thursday.Brian Porter, who took over as Scotiabank's chief executive officer last year, said in April the bank would push for "meaningful" growth in its credit card business over the next few years."Canadian Tire is an iconic company with an incredibly strong brand and great customer focus," he said in a statement, adding that the deal would give the bank an opportunity to increase its customer base.
The Bank of Nova Scotia (the Bank) is a diversified financial institution. Shares of BNS traded higher by 0.83% or $0.51/share to $61.59. In the past year, the shares have traded as low as $52.05 and as high as $63.50. On average, 327077 shares of BNS exchange hands on a given day and today's volume is recorded at 140362.
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