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CIBC to swallow PC Financial's banking business, rebrand as Simplii

canada-man

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Jun 16, 2007
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Toronto, Ontario
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President's Choice is getting out of the daily banking business and more than two million current PC Financial customers are moving to CIBC, which will rebrand the bank as Simplii.

The two companies announced the end of their almost 20-year collaboration on Wednesday, as Loblaw says it will retain its loyalty point program and MasterCard-branded credit card program, while all daily chequing, savings, lending and other banking services will move to CIBC, which has been running the back end of the bank's operations behind the scenes since it launched.

The bank promises a seamless transition with no changes to account numbers or pre-existing automatic payment and savings plans while it absorbs more than 2 million PC customers between now and November.

"We are excited about the future and our ability to create new products to serve Canadians," PC Financial spokesperson Lana Gogas said in a statement. "Today marks the start of an exciting new chapter for PC Financial, including continued strength in payments and loyalty through our PC Financial Mastercard products."

What's left of Loblaw's banking division — the corporate title of which is President's Choice Bank — is a registered Schedule I Bank under the Bank Act, which means it is legally allowed to conduct banking services such as taking deposits and offering loans. But as of November 1, it will no longer be doing so.

Although new products are in development, PC says it plans to focus on its popular loyalty program to "to further improve our customer experience."

http://www.cbc.ca/news/business/cibc-1.4249139
 

GameBoy27

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Nov 23, 2004
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I wonder if the kiosks will disappear from Loblaws stores?

I'm glad they're keeping the loyalty points program. I currently have over $1,000 in free groceries.
 

malata

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basketcase

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Dec 29, 2005
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I wonder if the kiosks will disappear from Loblaws stores?

I'm glad they're keeping the loyalty points program. I currently have over $1,000 in free groceries.
You might want to think about using them. Do they still let you get PC gift cards with them?
 

GameBoy27

Well-known member
Nov 23, 2004
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CIBC ranks last for customer service among Canada's Top 5 banks. They cut 30% of their service reps three years ago, to make a big automation push - but their software is buggy. For Loblaws customers this is no case for celebrating, their service charges are about to go up substantially. Enjoy the cute penguins.

http://www.financialcanadian.com/cibc-least-favorite-canadian-bank/
I've been with PC for at least 10 years. I don't really care about CIBC and their customer service. I haven't had a need to go into a bank in years. I do everything online.

Besides, they probably cut 30% of their reps because people rarely need to go to into banks any more.

You might want to think about using them. Do they still let you get PC gift cards with them?
They say they'll continue to operate the loyalty program, so I'm not worried. Don't know, never tried purchasing gift cards.
 

Insidious Von

My head is my home
Sep 12, 2007
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You might want to think about using them. Do they still let you get PC gift cards with them?
I agree, CIBC will impose restrictions once they're in control. Shit happens, I had been banking with ING for years without problems. They sell to the Bank of Nova Scotia (Tangerine)...now it's more like Sphincterine.

I have groceries points with Longo's, if they pull the same stunt, my loyalty will be flushed down the toilet.
 

Butler1000

Well-known member
Oct 31, 2011
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I wonder if the kiosks will disappear from Loblaws stores?

I'm glad they're keeping the loyalty points program. I currently have over $1,000 in free groceries.
Kiosks are toast as of Nov 1st. No idea where all this leads at this point. If they go with service charges there goes the customers.
 

Worf

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Sep 26, 2001
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Besides, they probably cut 30% of their reps because people rarely need to go to into banks any more.
Have you been to a TD bank lately? There's always a ton of people in the line to see tellers. TD has a large customer base that continually goes into the branches and they know it, and they don't want to piss these people off.
 

SkyRider

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Mar 31, 2009
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PC Financial will raise the interest rate on their savings account to 2.50% on September 1st. Wonder what will happen when CIBC take over? Anyone noticed CIBC have staff at the front door directing their customers to the new ATM's?
 

Smallcock

Active member
Jun 5, 2009
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I wonder if the kiosks will disappear from Loblaws stores?

I'm glad they're keeping the loyalty points program. I currently have over $1,000 in free groceries.
What's the point of having $1k worth of grocery points? Use it already.
 
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