President's Choice Bank to focus on payments and loyalty, moving on from 20-year relationship with CIBC
No change to PC Financial Mastercard® products which have provided Canadians with over $1 billion in free groceries
TORONTO, Aug. 16, 2017 /CNW/ - President's Choice Bank, a wholly-owned subsidiary of Loblaw Companies Limited (TSX:L, "Loblaw"), today announced a mutual agreement to end its 20-year relationship with CIBC. President's Choice Financial® will continue its focus on payment and loyalty, engaging shoppers through its Mastercard® credit card products and PC Plus®, one of the most loved loyalty programs in Canada.
Everyday banking products, including savings, chequing and mortgage accounts, previously offered under the President's Choice Financial® brand will continue to be provided by CIBC, under new branding, beginning November 1, 2017. Both businesses are committed to a smooth and seamless transition.
President's Choice Financial® will continue to build on the incredible success of its Mastercard® credit card products, which include the PC Financial® World Elite Mastercard®, Canada's first premium credit card of its kind, with no annual fee. These products have rewarded Canadians with more than $1 billion in free groceries.
"We are excited about the future and our ability to create new products to serve Canadians," said Barry Columb, President and CEO, President's Choice Financial. "When we ask our customers what they value most, they tell us they appreciate the ability to make payments simply and put free groceries on the kitchen table. That remains our focus."
President's Choice Financial has been an operating division of Loblaw Companies Limited since 1997. President's Choice Bank is a Schedule 1 Canadian bank that has been offering financial services since 2001. The portfolio has a range of compelling product and services, including the no-annual-fee PC Financial World Elite Mastercard®, with the ability to earn PC® points, redeemable for free groceries. All existing PC® points rewards earned through personal banking accounts can be accessed through a PC Financial® Mastercard® or, by registering an account at pcplus.ca.
About President's Choice Financial
President's Choice Financial® services are a unique financial service offering designed by Loblaw Companies Limited. President's Choice Bank provides the President's Choice Financial® MasterCard®, while the direct banking division of CIBC provides banking services. For more information visit www.pcfinancial.ca or follow us on Facebook, Twitter @pcfinancial and YouTube.
About Loblaw Companies Limited (TSX: L)
Loblaw Companies Limited is Canada's food and pharmacy leader, the nation's largest retailer, and the majority unit holder of Choice Properties Real Estate Investment Trust. Loblaw provides Canadians with grocery, pharmacy, health and beauty, apparel, general merchandise, banking, and wireless mobile products and services. With more than 2,300 corporate, franchised and Associate-owned locations, Loblaw, its franchisees, and Associate-owners employ approximately 192,000 full- and part-time employees, making it one of Canada's largest private sector employers. Loblaw's purpose - Live Life Well - puts first the needs and well-being of Canadians who make one billion transactions annually in the companies' stores. Loblaw is positioned to meet and exceed those needs in many ways: convenient locations; more than 1,050 grocery stores that span the value spectrum from discount to specialty; full-service pharmacies at more than 1,250 Shoppers Drug Mart® and Pharmaprix® locations and more than 500 Loblaw locations; PC Financial® no-fee banking; affordable Joe Fresh® fashion and family apparel; and three of Canada's top consumer brands in Life Brand®, no name® and President's Choice®. Through the PC Plus™ and Shoppers Optimum® loyalty programs, more than one in every three Canadians are rewarded for shopping with the companies.
SOURCE President's Choice Financial
