Canadian Imperial Bank of Commerce will become the issuer of credit cards at Costco’s stores in Canada as the membership-only retail chain ends a previous deal with Capital One Financial.
CIBC said Thursday that it has reached a long-term agreement with Costco Wholesale that is expected to start early next year. The Toronto-based bank did not disclose the length of the contract or its financial terms. CIBC will also acquire from Capital One a portfolio of more than $ 3 billion in existing card balances.
CIBC says its new partnership with Costco reflects its desire to grow its Canadian consumer banking business.
Bloomberg
Read Also
- Legendary musician of the Gran Combo de Puerto Rico dies Jun 4, 2022
- Cencosud Shopping Centers brings to Chile the largest interactive 3D screens in Latin America Nov 26, 2022
- Life is Strange: True Colors, the soundtrack arrives on Spotify Aug 20, 2021
- “Thinking about all the night I transferred you”: Kramer plays Bad Bunny at the end of Telethon 2022 Nov 6, 2022
- The health of Pope Francis after his operation: the same vitality or a physical deterioration? Jul 11, 2021
- Tattersall brings SUV Jetour X70 Plus to Chile: it stands out for its advanced equipment and safety Nov 25, 2022
- Rafael Nadal fixes his gaze on his tour of South America and Chile: “The people there are very passionate” Nov 19, 2022
For CIBC, which offers travel-related credit cards with Air Canada, the deal offers a way to attract consumers who are more interested in earning rewards for their spending on groceries and other household essentials. The bank said that the deal reflects a strategic focus on growing its Canadian consumer franchise.