August 23, 2013

CEO says Rogers Communications plans to offer credit cards soon

Rogers Communications Inc., Canada’s largest wireless operator, will introduce a credit card for its customers “shortly,” Chief Executive Officer Nadir Mohamed said in an interview.

“It is very much a loyalty program that we have in mind,” Mohamed, 57, said today during an interview at Bloomberg News’ Toronto office. “We know from looking at other industries that the credit-card business in itself is a growth opportunity for the company.”

Rogers received approval from Canada’s Ministry of Finance May 3 to operate as a bank, a step required to becoming a credit-card issuer. The firm, based in Toronto, applied in September 2011 for a bank license, primarily to focus on card services.

Mohamed wouldn’t say if Rogers would collaborate with another bank on its card offering, which is still going through the regulatory process.

“You will see everything unfold as we’re ready to make announcements,” he said, adding that the time would be “shortly.”




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