CITIBANK CANADA ACQUIRES CT MASTERCARD PORTFOLIO
By Adnews Staff
Citibank Canada has acquired the consumer credit card portfolio of Canada Trust MasterCard in a move that further develops its strength in the Canadian credit card business. The deal, announced Wednesday by TD Bank, follows TD's acquisition of CT Financial Services earlier this year as well as TD's decision to continue its relationship with Visa. Financial details of the transaction, expected to be completed by late July, were not disclosed. Included in the transaction is the transfer to Citibank of Canada Trust MasterCard facilities and operations in London, Ontario. As a result of the transaction, Citibank Canada will be converting all of its Visa credit cards to MasterCards. Visa Canada does not allow a financial institution to issue both Visa and MasterCards. Prior to the merger of TD and Canada Trust, advertising for CT was done by Harrod & Mirlin/FCB of Toronto. Since then, the agency has been awarded the TD Canada Trust advertising business following an agency review held in April. The agencies that competed in the review had previously worked with either Canada Trust or TD before. Advertising and direct marketing for Citibank is done by impiric of Toronto. Public relations is handled by Cohn & Wolfe, also of Toronto. Citibank is planning a gradual transition of its Visa credit cards and for now is telling customers its business as usual.