TD Bank, Aimia, CIBC Confirm Agreements

TD Bank Group

, Aimia Inc. (Aimia) (AIM.TO), and Canadian Imperial Bank of Commerce

today confirmed that they have signed agreements under which TD will become the primary issuer of Aeroplan Visa credit cards on January 1, 2014 , and will acquire approximately 50% of the existing Aeroplan credit card portfolio from CIBC. "This is an excellent opportunity for TD to build on our position as a leading North American credit card provider - it solidifies our position as the number one credit card issuer in Canada , by outstanding credit card balances. Acquiring about half of the existing Aeroplan Visa credit card accounts will enable us to grow our business while offering great choice and value to our customers," said Ed Clark , Group President and CEO, TD Bank Group. "We look forward to welcoming new cardholders to TD as we introduce a full suite of co-branded Aeroplan Visa credit cards to complement our already strong line-up of cards." For current Aeroplan Visa cardholders, nothing changes this year and no action is required. Cardholders can continue to use their existing Aeroplan-branded credit cards, earning Aeroplan miles on every purchase. Accumulated miles are not affected by any change to the credit card issuer. TD and CIBC will communicate directly to cardholders about next steps very soon, to make the transition a smooth and comfortable experience.