CIBC Bank
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Canadian Imperial Bank of Commerce, abbreviated as the CIBC Bank, is one the chartered banks of Canada, considered to be the fifth largest in terms of deposits. The CIBC is headquartered at the Commerce Court in Toronto, Ontario. The bank also operates in the US, the Caribbean, Asia and the UK. It has more than 11 million customers and 40,000 employees worldwide. This banking firm is ranked 159 on the Forbes Global 2000 list.[br]
CIBC Bank: History
Among the several ancestors of the CIBC Bank, the oldest component is the Halifax Banking Company founded in 1825 by Enos Collins. The CIBC Bank was formed on June 01, 1961 by merging The Canadian Bank of Commerce (founded in 1867) and the Imperial Bank of Canada (founded in 1875). This was the biggest amalgamation of two chartered banks in the history of Canada. In 1962, the bank opened a new banking center in Montreal along with the construction of the CIBC building.
Some important dates connected with the CIBC Bank are:
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In 1969, the CIBC became the first bank in Canada to launch bank machines, with the Automated Cash Dispenser.
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In 1988, CIBC Bank entered the investment market by acquiring Wood Gundy Incorporation.
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In 1997, the bank purchased Oppenheimer & Corporation to move into the investment market in the United States of America.
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In 1970, the CIBC established a branch in Hong Kong
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In 1999, the CIBC National Bank was opened in the United States.[br]
CIBC Bank: Operations
Besides its Canadian operations, the CIBC Bank operates at a global level too. Along with Loblaws, the CIBC aids in operating the President’s Choice Financial, which started in 1996.
The CIBC has two business units:
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CIBC Retail Markets – This comprises the bank’s personal and business banking as well as wealth management businesses.
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CIBC Wholesale Banking – This offers a variety of credit, capital markets, investment and merchant banking, and research products and services.
The CIBC Bank caters to the government as well as institutional, corporate and retail customers in Canada and in several key markets worldwide.
