U.S. Bank Canada today announced it has acquired CIBC’s Visa purchasing and Visa corporate credit card portfolio.

Financial terms were not disclosed as the transaction is not material to either company.

U.S. Bank Canada is a division of U.S. Bank, which is a subsidiary of U.S. Bancorp, one of the world’s largest issuers of Visa commercial cards.

CIBC Visa corporate and purchasing cards will become U.S. Bank cards and will be managed by a dedicated sales and relationship management force located across Canada. CIBC will refer commercial and corporate clients inquiring about corporate or purchasing card programs to U.S. Bank Canada.

“We are excited to expand our commercial payment solutions within the Canadian marketplace,” said Joe Zappa, senior vice president for U.S. Bank Corporate Payment Systems. “When combined with our existing U.S. Bank Canada capabilities, we offer unparalleled capacity to serve organizations or government entities of any size in the country, with state-of-the-art products and services that will increase expense management efficiencies.”

“We will be working together with U.S. Bank to ensure a smooth transition for our commercial credit card clients during the next several months,” said Mary Giles, vice president of card product management for CIBC.

A leader in the payment systems business, U.S. Bank has offered corporate and purchasing cards to businesses and government since 1991.