The Air Miles reward program will change hands and become property of BMO.
• Read also: Bankruptcy soon for Air Miles
This was announced Friday the bank, in a press release, a few hours after rumors of bankruptcy.
Indeed, the acquisition of the Air Miles program business by BMO was proposed as part of LoyaltyOne’s proceedings under the Companies’ Creditors Arrangement Act (Canada) commenced before the Superior Court of Justice of the United States. Ontario, we learned.
It is Loyalty Ventures Inc, which handles the Air Miles loyalty program.
“As a long-time partner of Air Miles, the acquisition by BMO would be an important step in solidifying the future of the Air Miles program,” said Shawn Stewart, President of the Air Miles Reward Program, adding that he does not affect Air Miles Collector’s reward mile balances or Collector’s ability to earn and redeem Air Miles reward miles.
“As a premier partner, we have always believed in the value of the Air Miles program for Canadians and are confident in the continued opportunities to build even greater customer loyalty,” said Ernie Johannson, Head, Personal Banking and North American companies, BMO.
He promised to bring ownership of the program back to Canada and strengthen the offer for Canadian consumers and businesses.
This acquisition will obviously be subject to court approval.