Canadian Tire buys back stake in financial services business from Scotiabank

📆 10/31/2023 7:45 AM
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TORONTO — Canadian Tire Corp. Ltd. has signed a deal to buy back the 20 per cent stake in Canadian Tire Financial Services that is owned by Scotiabank for $895 million. The move restores the retailer's full ownership over the business.

TORONTO — Canadian Tire Corp. Ltd. has signed a deal to buy back the 20 per cent stake in Canadian Tire Financial Services that is owned by Scotiabank for $895 million.

Canadian Tire CEO Greg Hicks says the deal will give the company more control and flexibility when it comes to its Triangle Rewards loyalty program.The retailer says consideration will be given to the optimal ownership structure of the financial services business and its Triangle Rewards program and credit card portfolio.This report by The Canadian Press was first published Oct. 31, 2023.

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