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A New Sales Record Has Been Achieved By The Jackie Goodlet Team Who Work Out Of The Whitby Office And Specializes In High End Resale And New Home Sales. According To Broker Dave Pearce The Jackie Goodlet Team Wrote More Transactions Than Anyone Else In The 30 Year History Of Our Firm. Their 255 Transactions Had A Total Volume Of More Than $185,000,000 (185 Million). With Over 25 Years Experience In The Business The Jackie Goodlet Team Has Acquired A Wealth Of Knowledge In All Areas Of Real Estate Including Resale, New Builds, Cottages, Lease, Condos, Vacant Land, Investment And Commercial Properties. With Exceptional Negotiating Skills We Are Confident We Can Save You Time And Money On All Your Real Estate Endeavours. We Look Forward To Hearing From You And Your Referrals Are Always Welcome And Rewarded!

Monday, August 21, 2017

Canada’s fifth-largest lender starts its own digital bank

Canadian Imperial Bank of Commerce and grocery chain Loblaw Cos. are ending their 19-year President’s Choice Financial partnership as the country’s fifth-largest lender starts its own digital bank.

Simplii Financial will offer no-fee banking, mortgages, and loans online and by phone, according to Mike Boluch, CIBC’s executive vice president of direct banking, innovation and payments. CIBC expects to take $100 million (US$78.4 million) of fees and charges before tax in the quarter ending October 31 related to the transaction, the Toronto-based bank said Wednesday in a statement.

President’s Choice Financial was one of Canada’s first digital banks, offering services online and at grocery-store kiosks since 1998, and now has about 2 million customers. Clients with President’s Choice Financial products provided by CIBC will be moved to Simplii Financial effective November 1, the bank said. There’ll be no changes to PC Financial Mastercard products since they’re offered by Loblaw’s bank unit.

“It’s something we’ve been contemplating for some time,” Boluch said in a phone interview. “We mutually decided it was time for us to move forward in a different direction.”

Loblaw’s President’s Choice Bank said in a separate statement that it’s committed to a “smooth and seamless transition” with CIBC for the banking products migrating to the new branding, and will focus on payment and loyalty programs through its Mastercard products and PC Plus rewards plan.

Free Groceries

“When we ask our customers what they value most, they tell us they appreciate the ability to make payments simply and put free groceries on the kitchen table,” said Barry Columb, chief executive officer of President’s Choice Financial. “That remains our focus.”

CIBC’s Boluch said Simplii Financial will offer straightforward, no-fee banking with “great interest rates” for customers who prefer making transactions by telephone or online, while also including free access to CIBC automated teller machines.

“There’s certainly a business model out there that clients appreciate and want, and this allows us to serve those who really value no-fee daily banking and great rates,” Boluch said. “That’s why we chose to go this route.”

Simplii Financial will compete with Bank of Nova Scotia’s online lender, Tangerine Bank, which it bought from ING Groep NV in 2012, as well as smaller firms including Canadian Western Bank’s Motive Financial, Desjardins Group’s Zag Bank and Equitable Group’s EQ Bank, which started in January 2016.

“Direct banking is a growing channel for clients, and Simplii we expect will be a strong competitor in this space,” Boluch said.

MBN

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