CIBC and Ahold USA, a U.S. food retail and food service company, today announced a strategic alliance to offer electronic banking services to new customers in the United States.

The Amicus Financial division of CIBC will offer financial services to Ahold USA’s customers in selected markets of the eastern United States through ATMs, telephone call centers, the Internet and in-store pavilions. The services will be launched in the fall of 2001.

Ahold USA’s Dutch-parent, Royal Ahold, had consolidated sales of close to US$52.5 billion in 2000. Over 60% of its worldwide sales are currently generated in the U.S. Its five U.S. supermarket operations generate sales of over US$27.8 billion and include Stop & Shop in Massachusetts, Connecticut, Rhode Island, New Jersey and New York; Giant Food in the District of Columbia and Maryland, Virginia, New Jersey and Delaware; Giant Food Stores in Pennsylvania, Maryland, Virginia and West Virginia; Tops Markets in western New York state, Ohio and Pennsylvania; and BI-LO in the Carolinas, Georgia, Tennessee and Alabama.

“This alliance is another key component of the Amicus Financial story,” said Brian Cassidy, chief executive officer of Amicus. “Amicus Financial has already — in just three years — built the largest Internet bank in North America. Our very successful ‘bricks and clicks’ model represents a new way of banking that has proven to be better than traditional branch banking or pure Internet banking.”

“Amicus Financial is doing what no competitor in North America is doing,” added Cassidy. “We combine our industry-leading electronic banking capabilities with some of the most visible and successful retailing brands in North America. Customers trust and respect these retail brands, and transfer that loyalty to the financial services offer. Amicus Financial is able to attract new customers at a low cost, and pass the savings on to them through no-fee daily banking, better interest rates and loyalty rewards.”