||This article does not cite any sources. (December 2009)
Sears Canada Bank was created to service the Sears credit cards issued by Sears Canada. The company did not provide any other financial services. The Bank was purchased by JPMorgan Chase.
Sears Canada was founded in 1953 by Sears Roebuck of Chicago and operating under joint ventures with Simpsons Ltd. as Simpsons-Sears. It later ended the relationship and began to build on its own. It later acquired Simpsons stores through bankruptcy in the 1990s. Sears Canada Bank was established in 2003 by the Office of the Superintendent of Financial Institutions (OSFI). JPMorgan Chase purchased Sears Canada Bank in 2005. Chase Card Services Canada is the current issuer of two Sears Canada credit card products, Sears Card and Sears MasterCard.
Services previously offered by Sears Canada Bank:
- Sears Card
- Sears Club
- Card Assist
- Family First
- New Outlook
- Sears Passport To Travel
- Sears Canada Craftsman Club
- Sears Welcome Home
- Insurance Services
Sears Canada Bank was a member of the Canadian Bankers Association (CBA) and registered member with the Canada Deposit Insurance Corporation (CDIC), a federal agency insuring deposits at all of Canada's chartered banks.