In late August, the Montreal-based company hired Nathaniel Felsher from Deutsche Bank in New York, where he co-headed the firm's aviation corporate and investment banking group.

The deal could be good news for Aeroplan members, but details are scant.

A consortium including Air Canada, TD Bank, CIBC and Visa Canada Corp. have reached a deal to acquire the Aeroplan loyalty program from Aimia Inc.

The announcement follows Aimia's rejection of a bid for Aeroplan from an Air Canada-led group.

Air Canada's revenue for the three months ended June 30 was in line with estimates at $4.33 billion, up from $3.91 billion in the second quarter of 2017.

Air Canada has announced it plans to start an in-house loyalty program in 2020 and not renew its contract with Aimia Inc., which runs Aeroplan.

Air Canada said Aeroplan will no longer be the carrier's loyalty program after its agreement with Aimia - Aeroplan's parent company - effectively ends June 30, 2020.

A new report suggests 89 per cent of Canadians have signed up for loyalty programs, but few appear happy with the returns.