[1]Desjardins Group [1] is announcing that Desjardins Card Services, a national provider of merchant payment and financing solutions, has entered into an agreement with Staples Canada [2] and Citi Cards Canada [3] to acquire a substantial part of Staples Canada’s store credit card portfolio. The transaction should be finalized during the first quarter of 2012.
Desjardins will purchase Staples Canada’s outstanding receivables and client accounts that are currently being managed by Citi Cards Canada. Desjardins will also make its Accord D in-store financing product available in all Staples stores. Staples is Canada’s largest office products retailer with a network of 330 outlets across the country including 70 stores operating under the Bureau en Gros banner in Quebec.
“We’re pleased with this agreement, because it provides us with an opportunity to further strengthen our position as an expert in payment and financing solutions across the country,” said André Chatelain, Vice-President and General Manager of Desjardins Card Services. “We thank the Staples management for the confidence and trust they have shown us.”
“We are very happy about this partnership and confident Desjardins can help us provide our customers with innovative financial options and solutions,” said Mary Sagat, VP Finance and CFO for Staples Canada. “We look forward to launching this service in 2012.”