Better known as CIBC, the Canadian Imperial Bank of Commerce is the fifth largest chartered bank in Canada with a worldwide workforce of more than 40,450 employees. Its operations cover many parts of the world, including the United States, the United Kingdom, the Caribbean and Asia; but its headquarters remain in Toronto, Ontario. CIBC offers a complete range of financial products and services to over 11 million customers.

Rivals Merged

On May 15, 1867, the Canadian Bank of Commerce was established in what would become the financial district of Toronto. The bank was founded by William McMaster, a prominent businessman and philanthropist, as competition for the increasingly influential Bank of Montreal. Being an aggressive businessman, he made the bank and its network expand in a short period of time. By 1874, the bank’s network already had 24 branches, making its mark as the largest bank in Ontario.

On March 18, 1875, the Imperial Bank of Canada was founded by Henry Stark Howland, a former vice-president of the Canadian Bank of Commerce. Howland resigned from The Commerce because of the clash of philosophies with McMaster. In 1880, Howland, together with his vice-president, traveled to Winnipeg, the capital of Manitoba. This was where they opened their first branch outside Ontario. They continued pioneering banking in Western Canada. In 1886, it opened its first branch in Calgary and in 1891, in Edmonton.

While many banks disappeared, the Imperial and the Commerce prospered. By the end of the 19th century, The Commerce had already opened 58 branches while The Imperial had opened 18.

On June 1, 1961, the largest merger of two chartered banks in the history of Canada took place. The Imperial Bank of Canada and the Canadian Bank of Commerce merged to form the Canadian Imperial Bank of Commerce.

Business Lines

Today, the Canadian Imperial Bank of Commerce celebrates its 140 years of excellent service to their clients in Canada and beyond. It offers a full range of financial products and services to meet the needs of individual, institutional and corporate clients through its two distinct business lines.

CIBC Retail Markets: This business line is comprised of the retail and wealth management businesses of the bank. It provides investment management services to institutional and retail clients. Moreover, it also extends its services to customers in 17 Caribbean regional markets via FirstCaribbean International Bank.

CIBC World Markets: While the Retail Markets takes care of the institutional and retail clients, the World Markets serves as the wholesale and corporate arm of CIBC. This business line provides a multitude of integrated capital and credit markets products, merchant banking and investment banking to clients in major financial markets on the continent and around the world. Aside from that, it also offers innovative capital solutions and comprehensive research to institutional, government and corporate clients.

Functional Groups

The Canadian Imperial Bank of Commerce also provides infrastructure support services through its five functional groups.

• Corporate Development: This group works hand-in-hand with the bank’s lines of business to increase the value of currently existing businesses as well as identifying opportunities for growth.

• Finance: The Finance Group provides the company (including the business lines) with financial and accounting services through efficient governance and effective decision support processes.

• Administration, Technology and Operations: This team manages the company’s technology infrastructure, operations, solutions, human resources, communications and public affairs.

• Risk Management: This is the team responsible for measuring, monitoring and controlling the bank’s exposure to risk.

• Legal and Regulatory Compliance: This group ensures that regulatory requirements are met and leadership on governance is provided.

Online Services

Whether you want to set up a new bank account, apply for a loan or mortgage or take advantage of their financial services such as insurance and retirement plans, you can simply go online and let them do the rest. If you want to open a bank account, you can choose from three available types: unlimited chequing account, everyday chequing account and premium growth account. CIBC also offers credit cards that are designed to suit your needs. Most of them, however, are VISA cards. You can also check out its retirement, insurance and mortgage pages to see which plan is perfect for you.

News Releases

You want to be au fait with the latest happenings about CIBC? You can check out its News Releases page on their website to see if they have implemented new policies or have placed new interest rates on your account.