On August 16, 2017 it was announced that Loblaw Companies and CIBC had mutually decided to terminate their joint venture to provide consumer banking products. All PC Financial mortgages, loans, investments, and bank accounts were transferred to CIBC's new direct banking brand Simplii Financial effective November 1, 2017. PC Financial's credit card and insurance products were unaffected by the decision, and continued to be offered by subsidiaries of Loblaw Companies. At the time of the announcement the consumer banking products had approximately 2 million customers.