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U.S. Bank Canada to Purchase Visa Purchasing and Corporate Card Portfolio from CIBC

MINNEAPOLIS & TORONTO--(BUSINESS WIRE)--Oct. 31, 2006--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 (NYSE:USB), 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. The company has relationships with 285 Fortune 500 companies. U.S. Bank Canada offers clients a full suite of solutions for commercial, fleet and B2B payment needs. U.S. Bank was the first to offer corporate bankcard, purchasing and relocation card programs, as well as the first to offer private-label fleet cards.

CIBC is a leading North American financial institution with more than 11 million personal banking and business customers. CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, in the United States and around the world. You can find other news releases and information about CIBC in our Press Centre on our corporate website at www.cibc.com.

U.S. Bancorp (NYSE:USB), with more than $217 billion in assets, is the 6th largest financial holding company in the United States. The company operates 2,462 banking offices and 4,943 ATMs in 24 states and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.

CONTACT: U.S. Bank
Teri Charest, 612-303-0732
OR
CIBC
Rob McLeod, 416-980-3714

SOURCE: U.S. Bank

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.



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