Scotiabank Sells Canadian Tire Unit Stake for $647 Million.

(Bloomberg) -- Canadian Tire Corp. bought back a 20% stake in its financial-services business from Bank of Nova Scotia in a C$895 million ($647 million) all-cash transaction. The transaction with Scotiabank will allow Canadian Tire to "stay relevant to customers' changing needs and expand our credit-card program to unlock even greater value for shareholders", said Chief Executive Officer Greg Hicks said in a statement Tuesday. [Extracted from the article]

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