Simplii Financial will include daily banking, mortgages and loans and will replace the services it offers through its 20-year association with Loblaw subsidiary President’s Choice which will focus on its payments and loyalty products.
"This is an exciting step as we continue to build a leading client-focused direct banking offer," said Mike Boluch, Executive Vice-President, Direct Banking, Innovation & Payments, CIBC.
"Simplii will deliver straightforward, no-fee everyday banking and great rates for the growing number of Canadians who prefer to do their banking by telephone, online, or through mobile and other digital channels,” he added.
There will be no change in the terms and conditions of mortgages for those who already have their home loan with President’s Choice.
CIBC expects to incur fees and charges of approximately $100 million pre-tax in the current quarter, which will be reported as an item of note when CIBC releases its fourth quarter results.
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CIBC has announced a new digital banking brand which will launch in November and retain existing banking and mortgage customers from President’s Choice.