In a bid to diversify its portfolio in the everyday rewards space, Canadian Imperial Bank of Commerce (CM Quick QuoteCM ) , commonly called CIBC, is set to acquire Costco Wholesale Corporation’s (COST Quick QuoteCOST ) existing portfolio of Canadian co-brand credit card. The Canadian Costco credit card portfolio has more than $3 billion in its outstanding balances. Financial terms of the deal remained undisclosed.
Shares of CIBC gained marginally, post announcement of the acquisition, raising investor optimism on the deal.
Capital One Financial Corporation (COF Quick....More>>>