By Canadian Press

Canadian Tire buys back stake in financial services business from Scotiabank

Oct 31, 2023 | 6:25 AM

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.

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.

It also says it will evaluate strategic alternatives for its financial services arm.

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.

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Canadian Tire will record a charge of $328 million related to the transaction.

This report by The Canadian Press was first published Oct. 31, 2023.

Companies in this story: (TSX:CTC, TSX:BNS)

The Canadian Press