Simplii Financial
| Company type | Subsidiary |
|---|---|
| Industry | Financial services |
| Founded | November 2017 |
| Headquarters | Toronto, Ontario, Canada |
| Parent | Canadian Imperial Bank of Commerce |
| Website | www |
Simplii Financial is the direct banking subsidiary of the Canadian Imperial Bank of Commerce (CIBC). It was founded in 2017 following CIBC and the supermarket chain Loblaw Companies mutually deciding to end their 20 year joint venture of providing consumer banking services under the President's Choice Financial brand.[1][2]
Effective November 1, 2017 all 2 million PC Financial bank accounts – as well as loans, mortgages, and investments – will be transferred to Simplii.[3] Because CIBC was already the account provider for PC Financial bank accounts and other consumer products (excluding credit card and insurance services),[4] all account numbers and terms will remain the same.[5]
References
- ^ Evans, Pete (August 16, 2017). "CIBC to swallow PC Financial's banking business, rebrand as Simplii". CBC News. Retrieved August 16, 2017.
- ^ "CIBC to launch Simplii direct banking brand, integrate PC Financial accounts". CTV News. The Canadian Press. August 16, 2017. Retrieved August 16, 2017.
- ^ "Where does the CIBC-PC Financial breakup leave consumers?". CBC News. August 17, 2017. Retrieved August 19, 2017.
- ^ "Personal Banking Frequent Asked Questions (FAQs)". President's Choice Financial. Archived from the original on August 19, 2017. Retrieved August 19, 2017.
President's Choice Financial personal banking services are provided by the direct banking division of CIBC. President's Choice Financial is a registered trademark of Loblaws Inc., and CIBC is a licensee of the mark. In this FAQ, "we", "us" and "our" refer to the direct banking division of CIBC.
- ^ "What's coming for President's Choice Financial customers when CIBC sets up Simplii". The Hamilton Spectator. The Canadian Press. August 17, 2017. Retrieved August 19, 2017.