TD to issue Aeroplan credit cards, CIBC to keep half of portfolio
Sept 16 (Reuters) - Aimia Inc struck a deal with Toronto-Dominion Bank and Canadian Imperial Bank of Commerce under which TD will be the issuer of Aeroplan credit cards and acquire half of CIBC's existing portfolio, with CIBC retaining the rest.
TD said the deal, effective Jan. 1, would contribute 10 Canadian cents per share to earnings next year.
Earlier this year, Aimia said TD would replace CIBC as the issuer of the popular flight rewards card after Aimia and CIBC failed to reach an agreement to renew their contract.
CIBC has been the main issuer for more than 20 years.