A change in the Canadian banking industry is about to happen.
President’s Choice Financial users will soon become clients of Simplii Financial, a direct banking brand launched by the Canadian Imperial Bank of Commerce as the lender ends its long-running arrangement with retail giant Loblaws
PC Financial deposits, mortgages and loans — which have been backed by CIBC since 1998 — will transition to Simplii effective November 1.
Simplii customers will be able to use CIBC’s automated teller machines for free as they did under PC Financial, as well as conduct their banking online, via telephone and mobile, but Simplii will not have any physical branches.
The decision to wind down the nearly 20-year arrangement with Loblaw — during which it built a customer base of roughly 2 million users — was a “mutual” one for various reasons, including a changed banking landscape, said a spokesperson for CIBC.