Telecom giant Rogers Communications Inc. has applied to form a bank under terms of the federal Bank Act. The financial institution, to be known as Rogers Bank, would be primarily focused on credit, payment and charge card services, according to a filing with the government published over the weekend. Kaan Yigit, president of media consultancy Solutions Research Group, called Rogers’ banking plans an “inspired move.” He said mobile banking “is taking off via smart phones” and Rogers is poised to capitalize on this through its seven million billing “relationships” with mobile telecom customers.
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