Despite a five-bank “horse race” to land the lucrative Aeroplan Credit Card contract, it appears the Canadian Imperial Bank of Commerce will continue to issue the popular card.

On May 14, Air Canada announced that it had reached an agreement with CIBC on certain improvements to a contract renewal.

Earlier, court-appointed monitor Ernst & Young had opened the contract for bidding, following CIBC’s review of the deal in light of the carrier’s bankruptcy.

Five financial institutions had submitted $5 million refundable deposits and met with both Air Canada and Aeroplan in an effort to land the deal. Though each bank signed a confidentiality agreement, it was widely reported that American Express, Royal Bank of Canada, Bank One, Citigroup and MBNA were likely candidates.

The new contract with CIBC was subject to court approval, and left open the possibility of another card company joining the partnership. Conditions of the deal include a four percent increase in the price per mile.

Calin Rovinescu, Chief Restructuring Officer, said, “The level of interest expressed in Aeroplan by leading North American financial institutions through the bidding process reconfirms the value of Aeroplan as one of North America’s leading loyalty programs.”

Aeroplan is reported to generate over $600 million yearly in the sale of miles to travel and retail partners.