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U.S. Bank Canada to Purchase Visa Purchasing and Corporate Card Portfolio from CIBC

U.S. Bank Canada today announced it has acquired CIBC's Visa purchasing and Visa corporate credit card portfolio. Financial terms were not disclosed as the transaction is not material to either company. U.S. Bank Canada is a division of U.S. Bank, which is a subsidiary of U.S. Bancorp, one of the world's largest issuers of Visa commercial cards.
CIBC Visa corporate and purchasing cards will become U.S. Bank cards and will be managed by a dedicated sales and relationship management force located across Canada. CIBC will refer commercial and corporate clients inquiring about corporate or purchasing card programs to U.S. Bank Canada. Continued here.