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CIBC is the first bank to have an exclusive presence in a Canadian airport to provide retail banking to travellers and airport employees |
CANADA. North American financial institution CIBC has signed a multi-year deal with the Greater Toronto Airports Authority (GTAA) to be the exclusive provider of banking and other financial services for passengers and employees at Canada’s largest airport, Toronto Pearson International Airport.
Financial terms of the deal were not immediately disclosed.
The first of its kind in Canada, the partnership gives CIBC the exclusive rights over other banks to provide its clients, travellers and GTAA employees with access to airport branches, automatic banking machines (ABMs) as well as mobile and online banking before they board their flight.
“Through this partnership, travellers will now have the flexibility to meet all of these needs at the airport through CIBC,” said CIBC Executive Vice President Stephen Forbes.
He added: “The reality is, most people now spend a couple of hours at the airport before their flight. Having the ability to take care of your financial needs at Toronto Pearson is another example of how, as a CIBC client, you can bank where, how and when you want.”
GTAA President and CEO Howard Eng said the partnership demonstrates the GTAA’s commitment to partnering with Canadian and international brands to offer value to its passengers and employees. “The GTAA and CIBC are both showing their commitment to improved customer service and in-terminal amenities. We believe that this partnership with CIBC will generate new and innovative ways to serve passengers and employees throughout the airport.”
CIBC said passengers will begin to see a “strong brand presence” starting this month followed by banking services early in the New Year when it will roll out ABMs in pre and post security areas. CIBC is planning to provide foreign currency enabled ABMs to offer passengers US dollars, Euros and other currencies.
From late February, CIBC will add additional kiosks to its existing ones post-security as well as a full service branch pre-security that will have the capacity for serving passengers and all 40,000 airport employees.
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CIBC is also planning to have “˜marquee activation areas’ throughout the airport to provide services such as paying bills, getting cash or travel insurance or completing other banking transactions.
With more than 35 million passengers that pass through Toronto Pearson every year, CIBC will have an advantage over other retail banks to access existing and new clients. Having a presence in the airport will provide CIBC the unique opportunity to market its CIBC Aventura Travel Rewards programme, which it launched earlier this year.
Members of the programme can redeem their Aventura Points for travel on any airline, access all seats on the plane and pay for the flight taxes and fees with their points, among other benefits.
