TORONTO, Aug 26 (Reuters) - Canadian Imperial Bank of Commerce said on Monday that it was still in talks to retain about half of its Aeroplan credit card portfolio after Toronto-Dominion Bank replaced it as the issuer of the popular flight rewards card.
CIBC, the smallest of Canada’s top five banks, had earlier said that if it could not reach an agreement with TD by Monday, it had the right to mount a legal challenge to TD’s deal with Aimia Inc, which runs the Aeroplan loyalty program.
TD said in June that it would replace CIBC as issuer of the “Aerogold” card after Aimia and CIBC were unable to agree an extension of their 22-year partnership.
CIBC’s right to match TD’s deal with Aimia expired earlier this month.
In a joint statement on Monday, the three companies said they were discussing the possibility of CIBC’s retaining cards held by customers that have a “broader relationship” with the bank. This may mean about half the card portfolio would stay with CIBC, with TD acquiring the remainder.