CIBC announces an amendment to its CARDS II securitization program

Rhea-AI Summary

CIBC announced an amendment to its CARDS II securitization program, allowing revenue from Mastercard credit card accounts to be included in addition to Visa credit card accounts. This change offers more flexibility to the program and enhances diversification. The securities issued by CARDS II Trust have not been registered under the U.S. Securities Act of 1933. CIBC is a prominent North American financial institution serving millions of clients across various sectors.

TORONTO, April 29, 2024 /PRNewswire/ - CIBC (TSX: CM) (NYSE: CM) today announced an amendment to its CARDS II securitization program. Canadian Imperial Bank of Commerce and other parties to the CARDS II Trust credit card receivables securitization program have amended the program to allow revenue from Mastercard credit card accounts to be included in the securitization program, in addition to the Visa credit card accounts that are currently the only type of account in the securitization program.

This is not an offer to sell or a solicitation of any offer to buy any securities. Offers are made only by prospectus or other offering materials. The securities issued by CARDS II Trust have not been registered under the U.S. Securities Act of 1933, as amended, or any applicable state securities laws in the United States.

About CIBC 

CIBC is a leading North American financial institution with 14 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets and Direct Financial Services businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre.

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SOURCE CIBC

FAQ

What amendment did CIBC announce to its CARDS II securitization program?

CIBC announced an amendment to its CARDS II securitization program to include revenue from Mastercard credit card accounts in addition to Visa credit card accounts.

Are the securities issued by CARDS II Trust registered under the U.S. Securities Act of 1933?

No, the securities issued by CARDS II Trust have not been registered under the U.S. Securities Act of 1933.

How many clients does CIBC serve?

CIBC serves 14 million personal banking, business, public sector, and institutional clients.