CIBC Buys Citigroup’s Canadian Credit Card Business for $2.1B

Things are heating up in the credit cards industry as CIBC announced that they’ve bought Citigroup’s Canadian credit card business for $2.1B. This deal will make CIBC the largest dual credit card provider (Visa and Mastercard) in the country and increases their outstanding credit card balance to over $14B. It includes Citi’s co-branded cards such as Petro Canada offering Petro Points.

This comes along with yesterday’s announcement that Walmart Canada’s recently opened bank launched a new rewards credit card called Walmart Rewards. The discount retailer could provide very stiff competition to other providers with their massive global reach and loyal customer base.

Related Topics

Credit Card News / Credit Cards / Personal Finance / Personal Finance News

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