Fellow Canadians will recognize Rogers. It's the Internet/Phone/TV/Media conglomerate that has a huge grasp on everything telecoms in this country. It's trying to expand out again: it has now applied to become a bank; the company states that it has "no plans to become a full-service deposit-taking financial institution," but would like "to pursue a niche credit card opportunity." Other companies like PC, ESSO, Petro Canada, etc. have done this before as well, but coming from such a huge company like Rogers.. it's a little scary.. it's like it's trying to insert itself into all aspects of everyday life..
Rogers Communications has applied to become a bank under the federal Bank Act.
The telecom company filed papers to the Minister of Finance over the weekend asking to become a national banking institution, a Rogers spokesperson confirmed to CTVNews.ca Tuesday.
If approved, the proposed "Rogers Bank" will focus mainly on credit, payment and charge card services. The institution's head office would be located in Toronto.
The company, however, stressed that it has no interest in becoming a full-fledged bank.
"We have no plans to become a full-service deposit-taking financial institution," Rogers Public Affairs Manager Carly Suppa said in an emailed statement.
"The license, if granted, would give us the flexibility to pursue a niche credit card opportunity to our customers should this make sense at a future date," she wrote.
Suppa noted that Rogers' application could take more than a year to go through.
A spokesperson at the OSFI, the national agency that processes bank applications, couldn't confirm Rogers' submission but said the amount of time it takes to process applications will vary.
"There's really no average time. It depends on the amount of work we're dealing with when the application is filed," said OSFI Communications Officer Leonie Roux.
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