CIBC ending relationship with PC Financial to launch new banking brand

CIBC and President’s Choice Financial (PC Financial) have announced the end of their 20-year relationship.

The end comes as CIBC plans to launch Simplii Financial, a new direct banking brand for clients who want no-fee daily banking through online, mobile and telephone channels, according to the major Canadian bank.

Currently, CIBC has been operating everyday banking products, including savings, chequing and mortgage accounts, under the PC Financial brand. The service will continue to be provided by CIBC, under the new branding, beginning November 1.

Today, we announced a mutual agreement to end our 20-year relationship with CIBC. For more information, visit: https://t.co/10DKmLiZ9C

— PC Financial (@PCFinancial) August 16, 2017

“This is an exciting step as we continue to build a leading client-focused direct banking offer,” said Mike Boluch, Executive Vice-President, Direct Banking, Innovation & Payments, CIBC in a statement. “Simplii will deliver straightforward, no-fee everyday banking and great rates for the growing number of Canadians who prefer to do their banking by telephone, online, or through mobile and other digital channels. For CIBC, innovating and adapting to our clients’ needs is part of our DNA.”

Boluch said that they are committed to ensuring a smooth transition for clients.

Meet Simplii Financial™, a new direct banking brand that offers no-fee daily banking & great rates. Coming Nov. 1: https://t.co/98e37WMg7f pic.twitter.com/kEk1Njmtbl

— CIBC (@cibc) August 16, 2017

The Simplii Financial brand will replace the President’s Choice Financial brand banking products and services issued by CIBC in November. Clients can continue to use their bank accounts without interruption.

As for the banking services at in-store pavilions and ATMs operated by CIBC, they will be phased out of Loblaws and partner grocery stores between November 1, 2017 and March 31, 2018.

“We will continue to offer attractive rates, no-fee products, personalized advice and support clients’ needs to help them achieve their financial goals,” said Boluch. “We look forward to a seamless transition as we continue providing great service to our clients through Simplii.”

See also