Aimia Provides Update on Status of New Financial Card Agreement
MONTREAL, Aug. 12, 2013 /CNW Telbec/ – Aimia (TSX: AIM) today confirmed
TD as Aeroplan’s new financial credit card partner for the 10-year period effective from
January 1, 2014, following the announcement of Aimia’s new credit card
agreement on June 27, 2013 and CIBC’s decision not to exercise its
contractual right to match the terms of the agreement on or before
August 9, 2013.
“We are delighted to confirm TD as our new financial credit card
partner. 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, Aimia. “We are
confident that the strength of the transformed Aeroplan program will
drive increased engagement and market share among premium Canadian
consumers.”
There are however ongoing active discussions among Aimia, TD, and CIBC
about a broad framework that would see CIBC retain cards held by their
existing banking customers, which represent about half the portfolio.
TD would acquire the remainder. All parties will work vigorously to
try to reach agreement, complete due diligence and finalize definitive
documentation by Aug 26, 2013. There can be no assurances that an
agreement will be reached.
In connection with the confirmation of TD by Aimia as Aeroplan’s new financial credit card partner, CIBC has advised Aimia that it was
challenging the validity of the notice and proposed agreement provided
to CIBC on June 26, 2013, and that it was reserving its rights to take
any legal measures available to it. Aimia believes that CIBC’s
assertions are without merit and it will vigorously defend any claim
made by CIBC.
Aeroplan’s current agreement with CIBC is effective until December 31,
2013. Members can continue to earn miles as usual on their
Aeroplan/CIBC co-branded credit cards for the remainder of the year.
All Aeroplan Miles that members accumulate are deposited into their
Aeroplan accounts and are not tied to their credit cards.
About Aeroplan
Aeroplan, Canada’s premier coalition loyalty program, is owned by Aimia
Inc., a global leader in loyalty management. Aeroplan’s millions of
members earn Aeroplan Miles with its growing network of over 75
world-class partners, representing more than 150 brands in the
financial, retail, and travel sectors.
In 2012, approximately 2.3 million rewards were issued to members
including more than 1.6 million flights on Air Canada and Star Alliance
carriers which offer travel to more than 1,000 destinations worldwide.
In addition to flights, members also have access to over 1,000 exciting
specialty, merchandise, hotel, car rental and experiential rewards.
About Aimia
Aimia Inc. (“Aimia” or the “Corporation”) is a global leader in loyalty
management. Employing more than 4,000 people in over 20 countries
worldwide, Aimia offers clients, partners and members proven expertise
in launching and managing coalition loyalty programs, delivering
proprietary loyalty services, creating value through loyalty analytics
and driving innovation in the emerging digital, mobile and social
communications spaces.
Aimia owns and operates Aeroplan, Canada’s premier coalition loyalty
program, Nectar, the United Kingdom’s largest coalition loyalty program
and Nectar Italia. In addition, Aimia owns stakes in Air Miles Middle
East, Mexico’s leading coalition loyalty program Club Premier,
Brazil’s Prismah Fidelidade, and i2c, a joint venture
with Sainsbury’s offering insight and data analytics services in
the UK to retailers and suppliers. Aimia also holds a minority position
in Cardlytics, a US-based private company operating in
transaction-driven marketing for electronic banking. Aimia is listed on
the Toronto Stock Exchange (TSX: AIM). For more information, visit us
at www.aimia.com.
SOURCE AIMIA
Contact:
Media
JoAnne Hayes
416-352-3706
joanne.hayes@aimia.com
Analysts
Karen Keyes
416-352-3728
karen.keyes@aimia.com