RealTime IT News

CIBC, Safeway Inc. Offer Electronic Banking to U.S.

[Toronto, CANADA] -- CIBC and Safeway will begin offering financial services at Safeway stores in Sacramento and San Jose, California and Denver, Colorado later this summer.

Services will be offered to Safeway's customers throughout the western United States through the Internet, ATMs, telephone call centers, and in-store pavilions, branded under the banner, Safeway Select Bank.

"What differentiates our strategy from our competitors is that we combine our industry-leading electronic banking capabilities with some of the most visible and successful retailing brands in North America," said CIBC chairman and chief executive officer John Hunkin. "We are extremely pleased to create this alliance with Safeway, a powerful brand and one of North America's largest and fastest growing supermarket chains."

"The Safeway alliance represents an important growth opportunity for us," added Hunkin. "We believe a 'clicks and bricks' e-banking strategy will prove the most successful in the dot.com world. Our strategy allows us to quickly gain customer acceptance and confidence through trusted brands, allowing us to reach millions of new customers and offer them the powerful combination of Internet and in-store banking."

Safeway Inc. is a Fortune 50 company and one of the largest food and drug retailers in North America based on sales.