WINNIPEG

CIBC to launch Simplii direct banking brand, integrate PC Financial accounts

The Canadian Press Published Wednesday, August 16, 2017 6:38AM CST

CIBC is launching a new direct banking brand that will also absorb accounts currently with Loblaw-owned President's Choice Financial. (File Image)

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TORONTO - CIBC is launching a new direct banking brand that will also absorb accounts currently with Loblaw-owned President's Choice Financial.

The bank says its new Simplii Financial brand will provide no-fee daily banking through online, mobile and telephone channels in much the same way that that PC Financial already offers its roughly two million clients.

CIBC has provided the back-end banking services for PC Financial for nearly 20 years.

PC Financial MasterCard products, which Loblaw has admistered rather than CIBC, aren't affected by the deal.

CIBC is promising a smooth transition for existing PC Financial clients with no changes to account numbers, mortgage terms or automatic payments and deposits.

As part of the bank's agreement with Loblaw, CIBC will wind down their PC Financial consumer banking and shift all clients over to the Simplii brand on Nov. 1.