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Scotiabank to acquire JP Morgan’s credit card portfolio

Bank of Nova Scotia is buying the Canadian credit card portfolio of JPMorgan Chase Bank. The portfolio comprises $1.7 billion in receivables and 2 million active customer accounts. Financial details of the deal were not disclosed. Novascotia said the deal would begin adding to its profits after a year.The deal envisages acquisiton of a MasterCard and a private label credit card portfolio currently associated with Sears Canada and JPMorgan-related credit card operations in Canada, including its bilingual call centre in Ottawa with expertise in customer service, fraud, collections and recovery. An agreement between JPMorgan Chase and Sears Canada is scheduled to end in November and Scotiabank says it will ensure a smooth transition for all customers.

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