Amicus Bank
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Amicus Bank was a wholly owned unit of CIBC and provided non-traditional banking format to customers on the go. CIBC decided to outsource non-branch automated banking machines (namely stand alones at services stations, convenience stores) to be maintained by Amicus. But logistical problems led to the removal of Amicus machines, as retailers decided to retain services from non-banking sources.
Amicus had an American unit, Amicus FSB, but it has since ceased operations due to cancellation of joint ventures south of the border. Amicus FSB partnered with Safeway grocery stores in California and set up banking kiosks where customers could make deposits, apply for loans, and withdraw money. The banking venture was called Safeway Select Bank and offered outstanding interests rates on both checking and savings accounts and paid generous salaries to salespersons assigned to approach grocery shoppers and persuade them to open accounts and/or apply for loans.
Amicus was the main bank attached to President's Choice Financial. The bank asked for and received approval from the Minister of Finance for voluntary dissolution. President's Choice Financial is now provided by the direct banking division of CIBC.
[edit] External links
- CIBC Official Website - English
- Amicus Bank
