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03/09/2010 -
Canadian consumers who use MasterCard to pay at credit card machines will soon have a new bank managing their card accounts.Canadian Imperial Bank of Commerce has announced its acquisition of Citigroup's Canadian MasterCard business, making it the largest dual issuer of Visa and MasterCard credit cards in the country, the Business Review reports.
The credit card portfolio - worth approximately $2 billion - includes accounts such as Petro-Canada credit cards, which offer the popular Petro-Points reward program.
"This acquisition will allow us to leverage our strong presence and capabilities in the credit card business," said Sonia Baxendale, president of CIBC Retail Markets. "We look forward to welcoming our new clients and showing them the additional benefits we can offer them as part of CIBC."
Prior to the purchase, CIBC had more than $14 billion in outstanding credit card balances.
Last week, the financial institution announced that it had exceeded profit expectations for the third quarter. As a result of a reduced number of bad loans, CIBC's profits rose 47.5 percent.
