Press release from CNW Group
Aimia Provides Update on Status of Financial Card Agreement Discussions
Monday, August 26, 2013
Aimia Provides Update on Status of Financial Card Agreement Discussions08:00 EDT Monday, August 26, 2013
MONTREAL, Aug. 26, 2013 /CNW Telbec/ - Aimia (TSX:AIM) announced today that the previously announced discussions between Aimia, Canadian Imperial Bank of Commerce (CIBC) and TD Bank Group (TD) relating to the possibility of CIBC retaining Aeroplan cards held by their existing banking customers with the balance to be acquired by TD are still ongoing. A further update will be provided as and when warranted, currently expected to be before the end of August. As stated previously, there can be no assurance that an agreement will be reached.
Should no definitive agreement be reached, TD will become Aeroplan's sole financial credit card partner effective from January 1, 2014.
Aeroplan's current agreement with CIBC will continue until December 31, 2013. Members can continue to earn miles as usual on their Aeroplan/CIBC co-branded credit cards for the remainder of 2013. Miles that members have accumulated with their Aeroplan/CIBC co-branded credit card up until the end of 2013 are deposited into their Aeroplan accounts and are not tied to their credit card.
Aeroplan, Canada's premier coalition loyalty program, is owned by Aimia Inc., a global leader in loyalty management. Aeroplan's millions of members earn Aeroplan Miles with its growing network of over 75 world-class partners, representing more than 150 brands in the financial, retail, and travel sectors.
In 2012, approximately 2.3 million rewards were issued to members including more than 1.6 million flights on Air Canada and Star Alliance carriers which offer travel to more than 1,000 destinations worldwide. In addition to flights, members also have access to over 1,000 exciting specialty, merchandise, hotel, car rental and experiential rewards.
Aimia Inc. ("Aimia" or the "Corporation") is a global leader in loyalty management. Employing more than 4,000 people in over 20 countries worldwide, Aimia offers clients, partners and members proven expertise in launching and managing coalition loyalty programs, delivering proprietary loyalty services, creating value through loyalty analytics and driving innovation in the emerging digital, mobile and social communications spaces.
Aimia owns and operates Aeroplan, Canada's premier coalition loyalty program, Nectar, the United Kingdom's largest coalition loyalty program and Nectar Italia. In addition, Aimia owns stakes in Air Miles Middle East, Mexico's leading coalition loyalty program Club Premier, Brazil's Prismah Fidelidade, and i2c, a joint venture with Sainsbury's offering insight and data analytics services in the UK to retailers and suppliers. Aimia also holds a minority position in Cardlytics, a US-based private company operating in transaction-driven marketing for electronic banking. Aimia is listed on the Toronto Stock Exchange (TSX: AIM). For more information, visit us at www.aimia.com.
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