- Interac looks to become for-profit company
- Hires Wall Street adviser (JPMorgan/Chase)
TORONTO, Nov 12 (Reuters) - The Interac Association has hired a Wall Street investment bank to help it restructure into a for-profit company, should regulators allow, the Globe and Mail newspaper reported on Thursday.
Interac, which manages debit cards and bank machines and is a major force in how consumers pay for retail purchases in Canada, has hired JPMorgan Chase & Co to figure out how many shares each of its members -- which include the big banks -- would receive if Interac won approval for the conversion.
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