Chase to Purchase Sears Canada Credit Card Business

Chase has announced it has entered into an agreement to purchase the credit card operation of Sears Canada including both its private-label Sears credit card accounts and its co-branded Sears MasterCard® accounts. The credit card operation includes approximately 10 million accounts and CAD$2.5 billion in outstandings.

"This purchase offers many opportunities for Chase, including partnering with another of the world's leading brands, expanding our private-label business and entering a new and exciting market in Canada," said William I. Campbell, Chairman, Chase Card Services. "We look forward to working closely with Sears Canada and its employees to offer great products and services that consumers find valuable."