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CIBC readies new Simplii Financial brand

Toronto-based CIBC has launched a new direct banking brand called Simplii Financial. The service will specialize in no-fee daily banking, as well as mortgages and loans, through online, mobile and telephone channels.

In conjunction with the launch, CIBC and President's Choice Bank will end their existing consumer banking joint venture, known as President's Choice Financial. Existing accounts will become Simplii Financial accounts on Nov. 1. President's Choice will continue to offer its Mastercard credit card products and PC Plus loyalty program. President's Choice Financial is a division of Loblaw Companies.

"This is an exciting step as we continue to build a leading client-focused direct banking offer," said Mike Boluch, executive vice-president of direct banking, innovation and payments at CIBC. "Simplii will deliver straightforward, no-fee everyday banking and great rates for the growing number of Canadians who prefer to do their banking by telephone, online, or through mobile and other digital channels. First and foremost, we are committed to ensuring a smooth transition for our clients. We will continue to offer attractive rates, no-fee products, personalized advice and support clients' needs to help them achieve their financial goals."

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