Last Thursday, TD Bank Group had said it had entered into an agreement to become the primary credit card issuer for Aeroplan. Aeroplan is a loyalty program under the management of Aimia. The presence of TD Bank Group could end the partnership between CIBC and Aimia. 

The agreement is set to take effect on January 1, 2014 and allows TD to issue a suite of co-branded credit cards from Aeroplan. The bank had advised that the deal would not impact the earnings for 2014 but would be a 'solid contribution' to 2015 earnings though. 

CIBC though, the current partner still has until August 9 to provide a counteroffer to the TD-Aimia agreement and have the deal set aside. CIBC has maintained its objections to the partnership between TD and Aimia. Should that occur, TD would earn a break fee amounting to Can$80 million. 

One of the terms of the agreement would be TD making an up front payment amounting to Can$100 million or US$95.50 million. It also commits to minimum annual miles purchases for the agreement's first three years. 

n a statement, Aimia said that the deal with TD would improve growth and boost free cash flow generation over the long term. There are also plans to expand the said plan through a program with American Express.