Canadian Tire, Scotiabank make co-marketing plans
Canadian Tire and Scotiabank have received regulatory approval to launch a new business and co-marketing partnership. Through this agreement, Scotiabank has acquired a 20% equity interest in Canadian Tire's financial services business for $500 million. The two companies have also begun joint marketing efforts intended to attract new customers.
"Through the power of joint marketing, our partnership with Scotiabank allows Canadian Tire, Sport Chek and Mark's to better serve customers, earn new business and strengthen community initiatives," said Michael Medline, president and incoming CEO of Canadian Tire. "We've already seen success from our early marketing strategies and look forward to unveiling exciting new initiatives in the coming months that will provide opportunities for us to grow our customer base and provide unique and compelling ways for customers to engage with our great brands."