Clients will benefit from a smooth transition to the new program expected to launch in 2020

TORONTO, Jan. 10, 2019 /CNW/ - Following the close of Air Canada's acquisition of the Aeroplan loyalty business from Aimia Canada Inc., CIBC (CM:TSX) (CM:NYSE) confirmed today that it will be offering credit cards under Air Canada's new loyalty program which is expected to launch in 2020, allowing for a smooth transition for CIBC's Aeroplan cardholders to the new program. Air Canada also confirmed today that Aeroplan Members' Miles will be honoured on a one-to-one basis in Air Canada's new loyalty program.

For additional details on the agreement, please refer to the media release dated November 26, 2018, available here.

For CIBC clients who earn Aeroplan Miles, there is no immediate change. They can continue to earn and redeem Aeroplan Miles as they do today. When Air Canada launches its new program, our clients will enjoy the benefits through their CIBC credit card.

"We are excited about the future opportunities for our clients as a result of Air Canada's successful purchase of the Aeroplan loyalty business," said Christina Kramer, Senior Executive Vice President and Group Head, Personal and Small Business Banking, CIBC. "Adding Air Canada's new program to our already strong travel rewards options means greater choice, new features, and more opportunity to travel for Canadians."     

About CIBC

CIBC is a leading Canadian-based global financial institution with 11 million personal banking, business, public sector and institutional clients. Across Personal and Small Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html .

SOURCE CIBC