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A Canadian Tire store in North Vancouver, B.C.
A Canadian Tire store in North Vancouver, B.C.
(JONATHAN HAYWARD/THE CANADIAN PRESS)

What drove Canadian Tire to find a credit card partner

It took almost a year, but Canadian Tire has finally secured a partner for its credit card portfolio, bringing Bank of Nova Scotia in as a part-owner.

The benefits to Scotiabank are clear cut. The lender is aggressively pursuing expansion in a business line it has neglected in the past, and a deal with the country’s eighth-largest credit card provider immediately gives the bank some heft.