Scotiabank to acquire JPMorgan Chase credit card portfolio in Canada

On October 15, 2015, The Bank of Nova Scotia (Scotiabank) and JPMorgan Chase Bank, N.A. (JPMorgan Chase) announced that the two companies have reached an agreement, subject to regulatory approval, under which Scotiabank will acquire a Mastercard and private label credit card portfolio and the related credit card operations from JPMorgan Chase.

The terms of the transaction are not financially material to Scotiabank or JPMorgan Chase.

The credit card portfolio includes approximately C$1.7 billion in receivables and 2 million well-performing active customer accounts. The agreement also includes the acquisition of JPMorgan Chase's credit card operations in Canada, including a highly-skilled bilingual call centre in Ottawa with fraud, collections, recovery and customer service expertise.

Scotiabank is Canada's international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and parts of Asia.

JPMorgan Chase is a leading global financial services firm with assets of US$2.4 trillion and operations worldwide.

Further information can be found on Scotiabank's website.