Air Canada seeking bank credit card partner for new loyalty program

MONTREAL -- Air Canada says it is launching a search for a co-branded credit card partner for its new loyalty program.

The Montreal-based airline says it will be inviting key financial institutions to participate in a request for proposals to join the launch of the program in 2020.

Air Canada (TSX:AC) has served notice that it plans to end its relationship with Aeroplan parent Aimia (TSX:AIM).

Operating its own loyalty program is expected to deliver a pre-tax net present value of $2 billion to $2.5 billion over 15 years.

The move was announced Tuesday ahead of the company's annual investor day.

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