Walmart sells Canadian banking operation to U.S. firm, Canadian financier

Signage at a Walmart store is seen on Tuesday, May 3, 2016. (THE CANADIAN PRESS/Ryan Remiorz)

MISSISSAUGA, Ont. -- Walmart Canada says it has reached a deal to sell its banking operations to a U.S. investment firm and a Canadian financier.

In a statement, the retail giant says it will sell Walmart Canada Bank to Centerbridge Partners LP and Stephen Smith.

It says the new owners will then enter into an agreement with Walmart Canada to continue providing the bank's credit card and insurance products.

Walmart Canada says its banking operation was launched in 2010 and has since saved its Canadian customers more than $220 million.

Walmart has not disclosed the sale price.

It says it remains fully committed to the long-term success of the Walmart Rewards MasterCard program.