TORONTO – Aimia Inc. has selected TD Bank Group as the new primary credit card issuer for Aeroplan but talks with another bank continue.
Aimia and TD are continuing to talk on a side deal with CIBC, which had been the main Aeroplan card company for decades.
CIBC says it isn’t satisfied with the process that saw Aimia select a rival bank for the next 10-year agreement, starting Jan. 1.
The talks are focused on about half CIBC’s Aerogold card portfolio.
CIBC says it’s willing to sell about half the portfolio to TD but it wants to keep the half held by clients with broader banking relationships with CIBC.
The companies say they’ll trying to reach a definitive agreement by Aug. 26.