Canadian Imperial Bank of Commerce (CIBC) has launched a new direct banking brand Simplii Financial after winding down President’s Choice Financial banking business run in collaboration with Loblaw groceries.
The move ends CIBC’s 20 years partnership with Loblaw resulting in migration of all regular banking services from Loblaw to Simplii on 1 November 2017. However, Loyalty point and credit card offering will be retained by Loblaw.
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Clients of Simplii will have the same, no-fee daily banking and interest rates, with their account numbers remaining unchanged.
CIBC executive vice-president for direct banking, innovation and payments Mike Boluch said: “This is an exciting step as we continue to build a leading client-focused direct banking offer.
“Simplii will deliver straightforward, no-fee everyday banking and great rates for the growing number of Canadians who prefer to do their banking by telephone, online, or through mobile and other digital channels.”
CIBC also said that its fourth-quarter results would include $100m in pre-tax charges as part of the transaction.
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