Canadian Imperial Bank of Commerce (CIBC) has acquired $2bn credit card portfolio from Citigroup's Canadian MasterCard business.

The acquired MasterCard portfolio includes accounts associated with co-branded Petro-Canada credit cards that offer the Petro-Points rewards program.

CIBC president and CEO Gerry McCaughey said that the acquisition represents an important addition to the client base in a business where the bank has a leading presence in the Canadian marketplace.

Under terms of the transaction, prior to closing, the non-performing accounts from the acquired MasterCard portfolio were removed as well from the securitized pool relating to Broadway Credit Card Trust, which has securitized certain Citibank MasterCard receivables.