The Financial Post reports in its Tuesday edition Bank of Nova Scotia's on-line-banking platform will introduce its first credit card today. A Bloomberg dispatch to the Post says Tangerine chief executive officer Peter Aceto will announce the offering in a publicity event at what he calls the company's banking "cafe" in Toronto. Scotiabank has been working since at least June, 2013, to add a credit card to the on-line bank's offerings of savings and checking accounts, mutual funds, mortgages and registered investment products. Scotiabank CEO Brian Porter made expanding the firm's credit-card business a priority last year, and struck a deal with Canadian Tire to buy a 20-per-cent share of the retailer's financial-services business. Scotiabank has used partnerships with theatre-chain Cineplex and the National Hockey League to attract customers.
Scotiabank bought the lender, previously called ING Direct Canada, from ING Groep NV in 2012 for $3.1-billion. Scotiabank shares closed Monday at $58.38, up $1.16 on the Toronto Stock Exchange.
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