The Canadian Imperial Bank of Commerce (CIBC) has formed an alliance with American food retail and service company Royal Ahold to offer electronic banking to new customers in the USA.
Under the agreement, CIBC's e-banking division Amicus Financial will offer financial services to Ahold USA's customers in selected markets of the eastern United States through ATMs, telephone call centres, the Internet and in-store pavilions. The services will be launched in autumn 2001.
Brian Cassidy, chief executive officer of Amicus, comments: "Customers trust and respect these retail brands, and transfer that loyalty to the financial services offer. Amicus Financial is able to attract new customers at a low cost, and pass the savings on to them through no-fee daily banking, better interest rates and loyalty rewards."