Canadian Tire Bank, a wholly-owned subsidiary of Canadian Tire Financial Services, received approval from the Office of the Superintendent of Financial Institutions to commence operations, the company said.
The new bank will acquire the credit card business of Canadian Tire Financial.
"Establishing a bank enables our core strategy of accelerating profitable growth in our Options MasterCard portfolio," Tom Gauld, the president of Canadian Tire Financial Services, said.
"Canadian Tire Bank will be better able to offer customers value-added products and services consistently across the country and credit card operations will be streamlined under a common regulatory framework that reduces cost and complexity," Gauld said.
Canadian Tire revealed last November that it was planning to launch a bank. The company has said it doesn't plan to move into areas such as lending or accounts.
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