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.
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