MDC Communications Corp., of Toronto has acquired the assets of Canada's largest credit card company, Canadian Imperial Bank of Commerce (CIBC).
MDC's agreement to fulfill CIBC's ATM, debit, and Visa card requirements is a step in MDC's strategy to become one of the largest providers of credit, debit, telephone, and smart card products and services in Canada, and a major player in North America.
A new business unit called Davis + Henderson Card Services will be formed as an operating unit of MDC Card Services Canada. Davis + Henderson is Canada's largest producer of checks for the personal and business customers of major financial institutions and an additional acquisition will make MDC the number two direct-to-consumer check company in the United States. MDC has entered into a merger agreement with Artistic Greetings, Inc., of Elmira, N.Y. As a result MDC will have acquired the direct-to-consumer check business of Artistic which will have 1997 sales of 45 million. Combined with MDC's other direct-to-consumer check businesses, including The Check Gallery in Maryland and Image Checks in Arkansas, MDC will be one of the largest direct-to-consumer check companies.
Miles S. Nadal, MDC's President and Chief Executive Officer said, "It has been our goal to be one of the top direct-to-consumer check producers in America. We started off as the seventh largest producer 18 months ago and with this acquisition we will be one of the largest."
For more information contact MDC Card Services International at (416) 960-9000, ext. 236.
