CIBC (another bank here) has been doing this for at least 15 years by offering seemingly 'cheaper' banking services using the same systems but different brands (eg PC financial). The downmarket brand seems cheaper on the surface but they take away all the costly things the flagship brand gives away (eg in-person banking, no fee transactions, etc) and charge [more] for them.
Our telcos here do the same thing with MVNOs (eg Rogers, the flagship brand, owns Chatr, for poor ppl).