TORONTO, June 27, 2013 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today commented on the press release issued by Aimia:
As we have commented previously, our objective is to have the market
leading travel card in Canada for our clients either through the
revitalization of the Aeroplan partnership or through the launch of our
own proprietary card offer.
In keeping with our contractual rights including our right of first
refusal as the incumbent issuer, and notwithstanding that the notice
provided by Aimia has been presented in a way that is inconsistent with
our understanding of our rights, we are in the process of reviewing the
proposed terms provided by Aimia to see if our objective can be
achieved through a renewal of our agreement.
- In the meantime, it is business as usual for our clients who continue to earn rewards on their CIBC Aeroplan card.
CIBC is a leading North American financial institution with more than 11 million personal banking and business clients. CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, and has offices in the United States and around the world. You can find other news releases and information about CIBC in our Media Centre on our corporate website at www.cibc.com.