The longer they wait, the more trouble they’ll have.
Just two weeks ago, Canadian Imperial Bank of Commerce and Toronto-Dominion Bank set an Aug. 26 deadline for the details of their potential three-way partnership with Aimia Inc., the parent company of the Aeroplan loyalty rewards program.
That day has come, but there’s no deal. Better yet, the two banks didn’t commit to a new deadline. No one knows what to expect, and neither CIBC nor TD gave a timeline for when they expect a deal to be made – though Aimia says something should be announced by the end of August.