CIBC to takeover PC Financial’s banking business, rebrand as Simplii

President’s Choice is getting out of the daily banking business and selling its PC Financial unit to CIBC, which will rebrand the bank as Simplii.

The two companies announced the end of their almost 20-year collaboration on Wednesday, as Loblaw says it will retain its loyalty point program and credit card offering, while handing over all daily chequing, savings, lending and other banking services to CIBC.