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Article: AIR CANADA'S CARD PROGRAM MAY GET TWO ISSUERS.
- Article from:
- Cardline
- Article date:
- May 16, 2003
CopyrightCOPYRIGHT 2003 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Ernst & Young Inc., Air Canada's court-appointed monitor, has recommended that Canadian Imperial Bank of Commerce and an unnamed company share Air Canada's credit card program rnst & Young President Murray A. McDonald's Solomonic recommendation was designed to avoid a legal fight promised by incumbent issuer CIBC that would delay conversion of Air Canada's card program to a new issuer and lead to the loss of cardholders. Toronto-based CIBC purchases air miles from Air Canada's Aeroplan LP subsidiary for CIBC's Aerogold Visa, Canada's largest credit card. The bank was negotiating a new contract with Aeroplan when Aeroplan received a last-minute offer from an unnamed card ...