agreed to buy Sears Canada's credit card business.
The operation includes a total of 10 million accounts, covering both private-label Sears credit card accounts and co-branded Sears MasterCard accounts, and 2.5 billion Canadian dollars' worth of outstanding balances.
Chase will offer private-label and co-branded credit cards to both new and existing customers. Chase will manage operating centers in four Canadian locations with 1,000 employees.
Chase expects the transaction to be accretive to earnings in 2006.
"This purchase offers many opportunities for Chase, including partnering with another of the world's leading brands, expanding our private-label business and entering a new and exciting market in Canada," said Chase's William I. Campbell. "We look forward to working closely with Sears Canada and its employees to offer great products and services that consumers find valuable."
"This is a great alliance for Sears, our customers and our shareholders," said Brent Hollister, CEO of Sears Canada.
On Wednesday, JPMorgan shares rose 14 cents to $33.72.