Two of Canada’s largest mortgage lenders are focusing their attention on the appetite for convenient credit by expanding their credit card operations. Scotiabank has announced that it is buying JP Morgan’s Canadian credit card operations which include the MasterCard and Sears portfolios. Meanwhile TD has been setting out its plan for growth and cites credit cards as an area that is increasing. The banks have come under increased pressure in their mortgage businesses from smaller mortgage companies and alternative lenders while low interest rates have impacted investment yields.
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