In a bid to expand its payment services in Canada, US Bancorp subsidiary US Bank Canada has acquired CIBC's Visa purchasing and Visa corporate credit card portfolio.
CIBC’s Visa corporate and purchasing cards will become US Bank cards and will be managed by a dedicated sales and relationship management force located across Canada. CIBC will refer commercial and corporate clients inquiring about corporate or purchasing card programs to US Bank Canada.
We are excited to expand our commercial payment solutions within the Canadian marketplace, said Joe Zappa, senior vice president for US Bank Corporate Payment Systems. When combined with our existing US Bank Canada capabilities, we offer unparalleled capacity to serve organizations or government entities of any size in the country, with state-of-the-art products and services that will increase expense management efficiencies.
CIBC, meanwhile, said that it will be working with US Bank, which is also a subsidiary of US Bancorp, to ensure a smooth transition for cardholders over the next few months.
Financial terms of the deal were not disclosed as the transaction is not material to either company.