CIBC buying Capital One's $3B Costco Mastercard portfolio - BNN

Canadian Imperial Bank of Commerce has signed a deal to become the exclusive issuer of Costco Mastercards in Canada starting early next year.

The lender will also acquire the retail giant’s existing Canadian credit card portfolio, which boasts more than $3 billion in outstanding balances, according to a news release Thursday.

"We are excited to partner with Costco,” said Laura Dottori-Attanasio, CIBC’s group head of personal and business banking, in the release.

"This relationship enables us to diversify our credit card portfolio in everyday rewards, grow our market share in payments, and provides a meaningful opportunity to deepen relationships by meeting the financial needs of Costco members."

The new credit card offering will serve as a Costco membership card, and provide rewards for shoppers online and at any of Costco's more than 100 Canadian warehouses.

Any customer with an existing Capital One Costco Mastercard can continue to use it until receiving the new card in early 2022.

Terms for the acquisition of the existing card portfolio were not disclosed by CIBC. 

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2021-09-02 10:54:23Z
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