The Canadian Imperial Bank of Commerce (CIBC) has announced plans to launch Simplii Financial, a new direct banking brand which utilises online, mobile and telephone channels.
CIBC will phase out banking services at in-store pavilions and cash machines at Loblaws and partner grocery stores between 1st November 2017 and 31st March 2018.
"This is an exciting step as we continue to build a leading client-focused direct banking offer," said Mike Boluch, executive vice-president of direct banking, innovation and payments at CIBC.
"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.
“First and foremost, we are committed to ensuring a smooth transition for our clients.
“We will continue to offer attractive rates, no-fee products, personalised advice and support clients' needs to help them achieve their financial goals.
“We look forward to a seamless transition as we continue providing great service to our clients through Simplii."
CIBC and President's Choice Bank have also announced that they will wind-down their consumer banking offer, and clients with President's Choice Financial products provided by CIBC will transition to Simplii Financial.
From 1st November, the Simplii Financial brand will replace the President's Choice Financial brand banking products and services that are provided by CIBC.
CIBC had previously provided President's Choice Financial's consumer banking offering for nearly 20 years.
CIBC is a Canadian-based global financial institution with 11 million personal banking, business, public sector and institutional customers, and operates within the personal and small business banking, commercial banking and wealth management, and capital markets sectors.
The bank expects to incur fees and charges of approximately $100m pre-tax in the current quarter.
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