Bank of Nova Scotia (BNS) has launched a new service that allows immigrants to access their foreign credit history once they arrive in Canada.
Scotiabank has partnered on the new venture with Nova Credit, a consumer credit bureau that connects consumers and lenders to expand people’s access to credit.
The program will begin serving customers in the Greater Toronto Area (GTA) and offer immigrants a “credit passport” that allows them to access and provide their foreign credit history to Scotiabank.
The new service launches as Canada doubles the number of immigrants it is taking in each year to about 500,000 people.
The federal government in Ottawa has announced plans to bring in 1.5 million immigrants over the next three years to offset slowing birth rates and an aging population.
Scotiabank’s stock has declined 14% over the last 12 months to trade at $65.36 per share.
