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BRIEF-Scotiabank to acquire J.P. Morgan Chase credit card portfolio in Canada

Published 2015-10-15, 10:52 a/m
© Reuters.  BRIEF-Scotiabank to acquire J.P. Morgan Chase credit card portfolio in Canada
JPM
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BNS
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Oct 15 (Reuters) - Bank of Nova Scotia BNS.TO :
* To acquire JPMorgan Chase (N:JPM) credit card portfolio in Canada
* Terms of the transaction are not financially material to Scotiabank or
JPMorgan Chase
* Says acquisition will be accretive to scotiabank's earnings in year one
* JPMorgan Chase credit card portfolio being acquired is a Mastercard and
private label credit card portfolio
* Says the agreement also includes the acquisition of JPMorgan chase's credit
card operations in Canada
* Credit card portfolio includes approximately $1.7 billion in receivables and
2 million well-performing active customer accounts
* Says scotiabank's common equity tier 1 capital ratio will be impacted by less
than 10 basis points, from the acquired assets
* Credit card portfolio being acquired is currently associated with Sears
Canada Inc

* Source text for Eikon ID:nCCN6YJMCj

* Further company coverage BNS.TO

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