Rogers Communications Inc. has filed papers with the federal government to start a bank. The telecom giant intends to apply to the Minister of Finance to incorporate under Canada's Bank Act. The bank will carry on business in Canada under the name of Rogers
Bank in English and Banque Rogers in French. Its head office will be
located in Toronto. The company did not immediately respond to a request for comment by CBC News. It's believed the bank would likely primarily deal in credit and
mobile payment services, as opposed to bricks and mortar bank branches
that take traditional savings and loan accounts. A number of large Canadian retailers including Wal-Mart, Sears, HBC
and Canadian Tire have similar separate finance divisions which — while
hugely profitable — are essentially extensions of the core business.
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