TORONTO (Reuters) - Rogers Communications (RCIb.TO) will launch a credit card next year after receiving approval from Canada’s financial services regulator, Canada’s largest wireless company said on Friday.
Rogers, which began its push to offer a card two years ago when it applied for a Canadian banking license, said Canada’s Office of the Superintendent of Financial Institutions had issued an order authorizing Rogers to begin offering card services.
“Leading up to commercial availability in 2014, Rogers will roll out a pilot program to begin offering credit card services to a select group of customers,” Rogers said in a statement.
Canada’s credit card market is dominated by the country’s big banks, particularly Canadian Imperial Bank of Commerce (CM.TO) and Toronto-Dominion Bank (TD.TO). Some retailers, including Wal-Mart Stores (WMT.N) and grocer Loblaw Companies (L.TO), also offer cards.
Shares of Rogers, which owns publishing and media businesses as well as Major League Baseball’s Toronto Blue Jays, fell 0.9 percent to C$43.02 on the Toronto Stock Exchange.
Reporting by Cameron French; Editing by Ken Wills