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22/06/2010 -
While the news seems filled with U.S. banks in constant flux, Canadian banks are taking note and changing with the times.Canadian Imperial Bank of Commerce has announced that they will not be renewing their 10 year partnership with Global Payments, an online credit card payment processor, according to Reuters.
Without the institutional backing of Canada's fifth largest banks, Global Payments has applied to Canadian regulatory authorities for the permission to start a loan company that would process VISA transactions beginning in March 2011 - when their contract with CIBC would end. In the filing, Reuters reports that Global Payments said that a loan company would circumvent the need for bank sponsorship.
Following the announcement, Global Payments stock fell 6.4% to $39.87 per share. After their recent fall to $38.89, this is the lowest posting for Global Payments since July of last year, Bloomberg News reports.
Additionally, Reuters reports that CIBC recently acquired Citigroup's $2.1 billion Mastercard business, making the bank Canada's largest dual credit card issuer. The bank hopes the deal will boost earnings, which were lower than expected in its second quarter report.
