MDC Communications Corp. of Toronto said its payment systems and services group has acquired the assets of Canadian Imperial Bank of Commerce's national card production unit.

Under the deal, MDC will be the sole producer of CIBC's Visa cards for five years, along with automated teller machine and debit cards. MDC said the acquisition will form the nucleus of a new business unit called Davis + Henderson Card Services in Markham, Ontario. Davis + Henderson is Canada's largest printer of personal and business checks and serves all of those needs for Canadian Imperial, the country's second-largest bank.

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