Canadian Imperial Bank of Commerce (TSX:CM) agreed to acquire Canadian Costco Credit Card Portfolio from Costco Wholesale Corporation.

Canadian Imperial Bank of Commerce (TSX:CM) agreed to acquire Canadian Costco Credit Card Portfolio from Costco Wholesale Corporation (NasdaqGS:COST) on September 2, 2021. CIBC also signed a long-term agreement to become the exclusive issuer of Costco Mastercards in Canada, expected to start in early calendar year 2022. CIBC expects the purchase of the current Costco co-brand credit card portfolio to close and convert to CIBC in early calendar year 2022, subject to customary closing conditions.

As of February 25, 2022, the transaction is expected to close in early March 2022. Krista Hill, Cameron Koziskie, Ebad Rahman, Peter Aziz, Eli Monas, Edward Fan, Teresa Reguly, John Tobin, Richard Johnson and Omar Wakil of Torys LLP acted as legal advisors to Canadian Imperial Bank of Commerce. PJ SOLOMON, L.P. acted as financial advisor to Canadian Imperial Bank of Commerce.