Canadian Tire to keep 100% ownership of financial services business after review

TORONTO — Canadian Tire Corp. Ltd., says it has finished a review of strategic alternatives for its financial services business and decided it will keep 100 per cent ownership of the bank.

The retailer says it explored options with a range of interested groups, including several of Canada’s leading financial services companies.

Canadian Tire says as it grows its Triangle Rewards loyalty program, the financial services business will add value through its relationship with Triangle credit card holders.

Canadian Tire chief executive Greg Hicks says the review helped the retailer gain insights that will make it an even better bank owner.

He says the company is engaged in talks with several of Canada’s largest brands about loyalty partnerships that are expected to broaden the value of Triangle Rewards.

The company consolidated its ownership of Canadian Tire Financial Services last year when it bought back the 20 per cent stake in the business that was owned by Scotiabank.

This report by The Canadian Press was first published Dec. 6, 2024.

Companies in this story: (TSX:CTC.A)

The Canadian Press