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Industry NewsLoblaw to end PC Financial banking with CIBC

Loblaw to end PC Financial banking with CIBC


Thursday, August 17, 2017

President’s Choice Bank and CIBC say they are ending their 20-year President’s Choice Financial banking relationship. As of November 1, 2017, clients with President’s Choice Financial everyday banking products – including savings, chequing and mortgage accounts – will transition to CIBC’s Simplii Financial brand.

Simplii Financial is a new direct banking brand offering no-fee daily banking through online, mobile and telephone channels. President’s Choice Financial clients can continue to use their bank accounts without interruption and expect the same no-fee daily banking, CIBC said.

There will be no changes to President’s Choice Financial’s payment and loyalty programs. The company will continue to offer payment options through its Mastercard credit card products, which include the PC Financial World Elite Mastercard, and the PC Plus loyalty program will also continue, PC Financial’s parent, Loblaw Companies Limited, said in a release.

Banking services at in-store pavilions and ATMs operated by CIBC will be phased out of Loblaws and partner grocery stores between November 1, 2017 and March 31, 2018.

Under the old program, President’s Choice Bank provided the President’s Choice Financial Mastercard, while the direct banking division of CIBC provided banking services to customers. President’s Choice Financial has been an operating division of Loblaw Companies Limited since 1997. President’s Choice Bank is a Schedule 1 Canadian bank that has been offering financial services since 2001.

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