It looks like President’s Choice is getting out of the daily banking business. CIBC has announced that it will take over PC Financial’s banking division and rebrand it as Simplii. President’s Choice will continue to have its branded MasterCard as well as its loyalty program.

All chequing, savings, lending and other banking services will bee moved to CIBC. Since CIBC has been running the back-end of President’s Choice banking since it launched, customers should see a seamless transition. There will be no changes to account numbers or pre-existing automatic payment and savings plans.

PC Financial kiosks located in various Loblows-owned stores (such as Superstore) will be closed down between November 1 and March 31. Customers will then be able to use CIBC machines for their transactions.