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The Canadian Imperial Bank of Commerce is taking over President’s Choice Financial bank accounts with a new online brand as it responds to the continuing trend towards digital banking.

The Toronto-based bank said Wednesday it will cut its nearly 20-year relationship with PC Financial-owner Loblaw Companies Ltd. and launch its Simplii Financial brand.

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CIBC customers will be able to access Simplii Financial online, on smartphones and through call centres, with the roughly two million current PC Financial savings, chequing, and mortgage accounts switched over on Nov. 1.

“It was a mutual decision that we feel good about, and gives both of us more control and greater flexibility going forward,” said Mike Boluch, executive vice-president of direct banking at CIBC.

Simplii customers will still have free access to CIBC’s ATM network, but won’t be able to bank through its branches, while CIBC and Loblaw will start in November to phase out their banking machines and pavilions in Loblaw’s stores.