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Simplii Financial is a Canadian direct bank and the digital banking division of the Canadian Imperial Bank of Commerce (CIBC). It offers no-fee chequing and savings accounts , a VISA credit card , Guaranteed Investment Certificates (GICs), mortgages and mutual funds.
Services operated by Amicus Bank were subsequently provided by the direct banking division of CIBC. President's Choice Financial banking services were then rebranded Simplii Financial after CIBC dissolved its partnership with Loblaw Companies in 2017. [1] Amicus Bank had 1100 employees in Canada and the US. [2]
All PC Financial mortgages, loans, investments, and bank accounts were transferred to CIBC's new direct banking brand Simplii Financial effective November 1, 2017. [7] PC Financial's credit card and insurance products were unaffected by the decision, and continued to be offered by subsidiaries of Loblaw Companies. [ 8 ]
All PC Financial mortgages, loans, investments, and bank accounts were transferred to CIBC's new direct banking brand Simplii Financial effective 1 November 2017.[7] PC Financial's credit card and insurance products were unaffected by the decision, and continued to be offered by subsidiaries of Loblaw Companies.
The Imperial Bank of Canada was founded in Toronto in 1873 by Henry Stark Howland. The bank set up its offices in the Exchange Building on Wellington Street, where it remained until 1936. That year, it moved to a new building at the corner of King and Bay, where CIBC would build Commerce Court West in 1973.
A routing number is the term for bank codes in Canada.Routing numbers consist of eight numerical digits with a dash between the fifth and sixth digit for paper financial documents encoded with magnetic ink character recognition and nine numerical digits without dashes for electronic funds transfers.
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The bank regulator is the Office of the Superintendent of Financial Institutions (best known as OSFI), [21] whose authority stems from the Bank Act. [20] The financial groups are also governed by regulatory bodies (bank regulators, securities regulators, insurance regulators, etc.) in each country in which they operate.