Canadian Imperial Bank of Commerce and Toronto-Dominion Bank have extended talks on a deal for CIBC to retain about half of its Aeroplan credit card portfolio, with TD getting the rest.The two banks, Canada's top two credit card issuers, had set Monday as a deadline to hammer out a deal with Aeroplan program owner Aimia Inc for the two splitting the portfolio essentially down the middle.Earlier this year, TD, Canada's No. 2 bank in terms of assets and market capitalization, replaced CIBC as the issuer of the popular flight rewards card. CIBC, Canada's No. 5 bank, had been the main issuer for more than 20 years, but failed to reach agreement with Aimia to extend their partnership, which expires on Dec. 31.In June, TD swooped in to make a deal with Aimia to replace CIBC, but the banks said earlier this month they were working on a compromise to split the portfolio down the middle.
Canadian Imperial Bank of Commerce (CIBC) is a global financial institution. Shares of CM traded higher by 0.91% or $0.69/share to $76.80. In the past year, the shares have traded as low as $69.92 and as high as $84.38. On average, 233041 shares of CM exchange hands on a given day and today's volume is recorded at 85099.
Canadian Imperial Bank of Commerce (CIBC) is a global financial institution. Shares of CM traded higher by 1.08% or $0.86/share to $80.74. In the past year, the shares have traded as low as $73.89 and as high as $84.99. On average, 1249970 shares of CM.TO exchange hands on a given day and today's volume is recorded at 654408.
The Toronto-Dominion Bank is a bank. The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group (the Bank or TD). Shares of TD traded higher by 0.63% or $0.53/share to $85.08. In the past year, the shares have traded as low as $76.44 and as high as $86.80. On average, 587772 shares of TD exchange hands on a given day and today's volume is recorded at 160293.
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