Bank of Nova Scotia Plans To Expand Credit Card Business
News: Canada's Bank of Nova Scotia has not performed well in the credit card business and needs to expand this business in Canada, according to CEO Brian Porter (Bloomberg). The credit card business allows banks to better serve existing customers, as well as to attract new ones, by providing an attractive risk-adjusted return, Porter added. Banks in Canada have been expanding their credit card businesses via acquisitions and partnerships as lending for mortgages slowed. The bank's credit card revenue grew 6% to CAD816mn (USD746.64mn) in FY12/13, ended October 31 2013.