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BMO to acquire Air Miles

BMO Financial Group has signed an agreement to acquire the Air Miles loyalty program from LoyaltyOne. According to BMO, the acquisition would result in a “reinvigoration” of the Air Miles program for merchants and consumers. BMO was a founding member of Air Miles in 1992. The deal remains subject to court and regulatory approvals.

“As a leading partner, we have always believed in the value of the Air Miles program for Canadians and are confident about the continued opportunities to build even greater customer loyalty,” said Ernie Johannson, group head of North American personal and business banking at BMO. “If our acquisition of the Air Miles business is successful, we will bring the ownership of Air Miles home to Canada and strengthen its offering for Canadian consumers and businesses together with leading Canadian, global and online program partners and merchants.”

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