US Bank Acquires Visa Purchasing, Corporate Card Portfolio From CIBC
US Bank Canada has announced it has acquired CIBC's Visa purchasing and Visa corporate credit card portfolio. U.S. Bank Canada is a division of U.S. Bank, which is a subsidiary of U.S. Bancorp, one of the world's largest issuers of Visa commercial cards.
"We are excited to expand our commercial payment solutions within the Canadian marketplace," said Joe Zappa, senior vice president for U.S. Bank Corporate Payment Systems. "When combined with our existing U.S. Bank Canada capabilities, we offer unparalleled capacity to serve organizations or government entities of any size in the country, with state-of-the-art products and services that will increase expense management efficiencies.""We will be working together with U.S. Bank to ensure a smooth transition for our commercial credit card clients during the next several months," said Mary Giles, vice president of card product management for CIBC.
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