On September 1, 2010, CIBC completed the acquisition of an approximately $2 billion credit card portfolio from Citigroup's Canadian MasterCard business, making CIBC the largest dual issuer of Visa and MasterCard credit cards in Canada. The MasterCard portfolio includes accounts associated with co-branded Petro-Canada credit cards that offer the Petro-Points rewards program. In connection with the sale transaction, CIBC has become the seller and servicer of assets under the Broadway Credit Card Trust securitization programme, and will replace Citi Cards Canada Inc. as Broadway Credit Card Trust's administrative agent and as a credit enhancer.
CIBC was represented in-house by Robert Richardson, Vice President and Associate General Counsel and Jeffrey Roode, Assistant General Counsel, and by McCarthy Tétrault LLP with a team including David Woollcombe and Matthew Kelleher (M&A); Barry Ryan and James Archer (financial services); Marc MacMullin, Michael McConnell and Candace Pallone (securitization); Wendy Gross, Jennifer Brent and Ryan Prescott (technology); Jerald Wortsman, Brian Pel, James Warnock and Mario Abrioux (tax); Oliver Borgers, Michele Siu and Emily Rix (competition); Alfred Macchione and Ian Bies (intellectual property) and Trevor Lawson (employment).
Blake, Cassels & Graydon LLP worked with Citi Cards Canada in-house counsel Timothy McCourt, Senior Counsel, Global M&A, John Lavigne, Senior Vice President and Brian Baum, Vice President of Citibank Canada. The Blakes team was led by Greg Frenette and included Anna MacMillan, Carlos Cerqueira and Dean Murray (corporate); Stephen Ashbourne, Peter Viitre and James Hoffner (securitization); Paul Tamaki, Jeffrey Trossman, Allan Gelkopf and Jeffrey Shafer (tax); Julie Soloway and Micah Wood (competition); Andrea York (employment) and Gary Daniel (intellectual property)