MONTREAL (FNS) -- Canada's largest commercial bank plans to offer banking services through a U.S. supermarket chain.
utomatic teller machines and kiosks offering banking services. The plan is based on CIBC's successful President's Choice format, which the bank rolled out across Canada last year at 135 Loblaw stores.
President's Choice is Loblaw Cos.' popular house brand. In Canada, PC financial offers no-fee financial services, no-fee accounts, free checks and free access to the bank's services. It has attracted about 150,000 customers, a figure which is expected to rise to 200,000 by year-end, according to CIBC.
Meanwhile, Loblaw plans to launch its own trust company, which some insiders feel could weaken its alliance with CIBC. The supermarket chain has been granted government approval to establish a trust company called President's Choice Financial Trust Co.