CIBC and TSYS Enter 10-Year Outsourcing Agreement

It was announced, on August 6, 2002, that CIBC entered into a 10-year outsourcing arrangement with Columbus, Georgia-based Total System Services, Inc. (TSYS), under which TSYS will process all of CIBC’s VISA and American Express credit card portfolios. The value of the transaction is undisclosed.

Once the transition of CIBC’s portfolios to the TSYS processing platform is completed in 2003, TSYS will be the only third-party processor in North America servicing VISA and American Express accounts for one bank on a single payments platform.

CIBC was represented by in-house counsel Jeffrey Roode, supported by Blake, Cassels & Graydon LLP with a team consisting of Andre Perey and Minami Ganaha (IT). TSYS was represented by in-house counsel Kin Brown, supported by Ogilvy Renault with a team consisting of Daniel Paul (IT) and Jules Charette (tax).