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Canadian Tire Corporation to accelerate the growth of Triangle Rewards with strategic repurchase of Financial Services business stake from Scotiabank
Canadian Tire Corporation to accelerate the growth of Triangle Rewards with strategic repurchase ...
About this update from Canadian Tire Corporation, Limited
[{"type":"text","content":"\n \n \n \n Canadian Tire Corporation to accelerate the growth of Triangle Rewards with strategic repurchase of Financial Services business stake from Scotiabank\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Oct. 31, 2023\n \n \n /CNW/ - Canadian Tire Corporation, Limited (TSX: CTC) (TSX: CTC.A) (\"CTC\" or \"the Company\") today announced that it has completed the repurchase of Scotiabank's 20% stake in Canadian Tire Financial Services (\"CTFS\"). This all-cash transaction, valued at\n \n $895 million\n \n , restores CTC's full ownership of its financial services arm. The transaction will enhance CTC's flexibility in delivering added value to its more than 11 million active loyalty members, including its 2.3 million credit card holders. CTFS plays a pivotal role in the Company's Triangle Rewards loyalty program, representing approximately 75% of all Canadian Tire Money (\"eCTM\") issued to members annually.\n \n \n Triangle Rewards is a cornerstone of CTC's Better Connected strategy, driving significantly higher sales per member and sustained growth over time. Engaged Triangle Rewards members spend, on average, more than twice as much as non-members, and those with a Triangle credit card represent some of CTC's most valued and engaged customers.\n \n \n \"This move enables us to expedite key elements of our Triangle Rewards strategy to stay relevant to customers' changing needs and expand our credit card program to unlock even greater value for shareholders,\" said\n \n Greg Hicks\n \n , President and CEO.\n \n \n Mr. Hicks added, \"Loyalty rewards programs, and their integration with financial institutions have evolved significantly since our original deal with Scotiabank.  We have invested heavily in Triangle Rewards, and Scotiabank has done the same with its coalition loyalty program. While we have appreciated partnering with Scotiabank over the past decade, with both Scotiabank and CTC having received significant strategic and financial benefits, concluding this partnership will give us...