Date Closed

September 1, 2010

Lead Office

Toronto

Value

2.00 Billion CAD

On September 1, 2010, CIBC completed the acquisition of an approximately C$2 billion credit card portfolio from Citigroup's Canadian MasterCard business, making CIBC the largest dual issuer of Visa and MasterCard credit cards in Canada. The MasterCard portfolio includes accounts associated with co-branded Petro-Canada credit cards that offer the Petro-Points rewards program. In connection with the sale transaction, CIBC has become the seller and servicer of assets under the Broadway Credit Card Trust securitization programme, and will replace Citi Cards Canada Inc. as Broadway Credit Card Trust's administrative agent and as a credit enhancer.

CIBC, headquartered in Toronto, Ontario, is one of Canada's chartered banks.

Citigroup, headquartered in Manhattan, New York, is an American multinational banking and financial services corporation.

McCarthy Tétrault LLP represented CIBC, as acquiror, with a team led by David Woollcombe.