TD Bank, Aimia, CIBC Continue Talks On Aeroplan Credit Card Possible Acquisition

(RTTNews) - Canadian lender TD Bank Group (TD.TO), Aimia Inc(AIM.TO), and Canadian Imperial Bank of Commerce(CM, CM.TO), Monday said they are continuing discussion with a possible acquisition of part of the existing CIBC Aeroplan credit card portfolio.

After the previous announcement that TD Bank will become the primary credit card issuer for Aeroplan starting in 2014, the companies are in talks for a framework in which CIBC can retain cards held by their franchise banking customers, which makes about half of the portfolio. The rest can be acquired by TD Bank. After conclusion of the discussion, the parties will announce it with or without the agreement. However, TD Bank said that there is no assurance about reaching an agreement.