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Aimia signs credit card agreement with TD
Montreal-based loyalty program company Aimia has signed an agreement with TD Bank to be the financial credit card provider for its Aeroplan program for a 10-year period. TD will take over this role when Aimia's current agreement with CIBC expires at the end of the year. According to the company, discussions are ongoing regarding the possibility of CIBC retaining cards held by its existing banking customers. This would represent about half of the cards involved. TD would acquire the remainder. A final agreement is expected by Aug. 26. "TD is a leading financial institution with a strong Canadian retail and global banking franchise that shares our customer-centric vision for Aeroplan and that is committed to building the program with us," said Rupert Duchesne, group chief executive at Aimia. "We are confident that the strength of the transformed Aeroplan program will drive increased engagement and market share among premium Canadian consumers."