Canadian Imperial Bank of Commerce

The Canadian Imperial Bank of Commerce is the fourth largest bank in Canada. Better known under the abbreviation CIBC has its head office in the Commerce Court in Toronto. It is present not only in Canada but also in the USA, the Caribbean, Asia and the UK. The Bank has 1000 branches in Canada and operates over 4,000 ATMs. The stock of the bank is traded on both the Toronto and New York stock exchanges under the symbol CM.

History

The Canadian Imperial Bank of Commerce was established in 1961 from a merger of the Canadian Bank of Commerce (founded 1867) and the Imperial Bank of Canada ( founded in 1875 ). With over 1,200 offices in Canada it was among the largest banks in Canada.

CIBC was the first Canadian bank, which used 1969 ATMs for their services.

In the later 1990s there were plans to merge with the Toronto - Dominion Bank. The Government of Canada, under the leadership of then- Finance Minister Paul Martin, however, blocked the merger.

Together with the Canadian food group Loblaw launched CIBC 1996, the online bank President's Choice Financial. 2002, the joint venture is already more than 1 million customers in Canada.

Mergers

In its history, the CIBC has undergone mergers with other financial institutions:

  • Wood Gundy Inc. ( 1988)
  • TAL Private Management (1994 )
  • Penfund (1998)

Divisions

  • CIBC Retail Markets
  • CIBC Securities
  • CIBC World Markets
  • CIBC Imperial Service
  • CIBC Wood Gundy

Memberships

The LBC is a member of the Canadian Bankers Association ( CBA) and a registered member of the Canada Deposit Insurance Corporation ( CDIC ), the Canadian Deposit Insurance Agency and a member of and Interac.

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