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Originally Posted by lazypucker
No one wants to discuss that Loblaws is getting out of non-core businesses? Getting rid of the bank and gas stations? I use the bank/credit card and fill up at their gas stations because the PC points do add up fast, unlike other cash back or air miles cards where I don't see a lot of "instant" rewards.
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Their contract had an out clause, which CIBC exercised from the looks of it. It wasn't Loblaw's call:
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After 19 years working in concert to build the PC name in financial services, the two firms appear to be splitting amicably. But the divorce comes at a cost for CIBC, which expects to absorb a pretax charge of about $100-million in its fiscal fourth quarter related to the switch to Simplii. A spokesperson for PC Financial confirmed it will "receive certain compensation" from CIBC through the transition.
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