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RBC Expects to Win Card Defectors If CIBC Loses Aimia Agreement

Royal Bank of Canada expects to gain more credit-card customers if Canadian Imperial Bank of Commerce loses its card partnership with loyalty rewards operator Aimia Inc. to Toronto-Dominion Bank.

Canadian Imperial has until tomorrow to match the terms of an agreement Toronto-Dominion made to become the primary card issuer for Aimia’s Aeroplan rewards program if it wants to keep its 22-year partnership. Toronto-Dominion conditionally agreed on June 27 to become Aimia’s partner starting Jan. 1.