The Canadian Imperial Bank of Commerce (or CIBC) is Canada's mostly second (to the Royal Bank of Canada), sometimes largest bank (depending on how your counting). Founded in 1867 (the same year Canada became a country) as the Canadian Bank of Commerce in Toronto, Ontario. The CIBC currently has total assets of $281 billion and a market capitalization of $18.6 billion and is the 10th largest bank in North America. The CIBC has eight million personal banking customers, 350,000 small business customers and 8,000 corporate and investment banking customers serviced by 41,000 employees, 1,200 bank branches, and 4,300 ABM's worldwide.
In 1997 the CIBC and the Toronto-Dominion Bank attempted to merge, but Canadian regulators blocked this move, fearing it would hurt competition in the banking sector.
The CIBC has four 'strategic business units':
Electronic Commerce
Amicus: a North American leader in retail electronic banking, with 658,000 customers as of April 30, 2001. Amicus has a network of more than 300 pavilions and more than 4,500 ABMs in North America.
What distinguishes Amicus from other Internet banks is CIBC's co-branding strategy and the physical presence it has in retail grocery stores - Loblaws (President's Choice Financial) in Canada, and Safeway (Safeway SELECT Bank) and Winn-Dixie (Marketplace Bank) in the U.S.
CIBC has 2.75 million telephone banking customers and 1.02 million PC banking customers (in addition to Amicus)
the No. 1 Canadian bank credit card issuer and a strong player in the Canadian mortgage market
Retail and Small Business Banking
more than five million retail and 350,000 small business customers in Canada who access financial services through almost 1,200 branches, as well as a variety of electronic channels
focus on small business with separate group of 2,000 professionals to serve this segment and the rollout of bizSmart, Canada's first no-fee online banking offer for small business (www.bizsmart.com)
CIBC West Indies serves more than 350,000 retail and commercial customers in the Caribbean
Wealth Management
helps individual clients achieve their financial goals through a sales force of more than 2,900 financial professionals - as of April 2001, 96% of CIBC's Imperial Service and Private Banking advisers had completed the Canadian Securities Course and 65% had attained industry designation as Professional Financial Planners
provides highly comprehensive and objective financial advice and delivers an array of investment products and services including: full-service and discount brokerage, a full range of mutual funds - including advising on third party funds, GICs, global private banking and trust, and investment management services
CIBC is the Canadian leader in index mutual funds and ranked 2nd among major Canada's big six banks in mutual fund year-to-date net sales as at the end of March 2001
1.5 million customers and $157 billion in assets under administration (excluding institutional assets)
CIBC World Markets
the only Canadian bank with a full-service North American investment banking capability
provides integrated financial solutions to corporate, institutional and government clients
areas of specialization: investment and corporate banking, mergers and acquisitions, merchant banking, commercial banking, and research, sales and trading of securities and derivatives
Segments information copied from the CIBC website at http://www.cibc.com |
