Not fully correct

PC Financial is the financial services division of LCL (Loblaw Companies Limited). They have several product lines: Including Mastercard, Telecom, insurance and "core banking" (savings, chequing, loans and mortgages). Of these only the "core banking" part has anything to do with CIBC, in that case CIBC actually provides the service and PC Financial is responsible for all of the marketing of the products/services offered. One of the things that PC Financial currently does is operate the PC Points loyalty program.