Bank of Nova Scotia’s online platform will introduce its first credit card Tuesday, according to people with knowledge of the matter.
Tangerine Chief Executive Officer Peter Aceto will announce the offering at the company’s banking cafe in downtown Toronto, said the people, who asked not to be identified because details haven’t been publicly released. Cayley Kochel, a Tangerine spokeswoman, said she couldn’t give specifics about the firm’s plans.
Scotiabank has been working since at least June 2013 to add a credit card to the online bank’s offerings of savings and checking accounts, mutual funds, mortgages and registered investment products. Scotiabank bought the lender, previously called ING Direct Canada, from ING Groep NV in 2012 for C$3.1 billion ($2.4 billion).
Scotiabank CEO Brian Porter made expanding the firm’s credit-card business a priority last year, and struck a deal with Canadian Tire Corp. to buy a 20 percent stake in the retailer’s financial-services business. Scotiabank, the country’s third-largest credit-card issuer, has used partnerships with theater-chain owner Cineplex Inc. and the National Hockey League to attract customers.