Canadian Imperial Bank of Commerce
Encyclopedia
The Canadian Imperial Bank of Commerce is one of Canada's chartered banks, fifth largest by deposits. The bank is headquartered at Commerce Court in Toronto
, Ontario
.
CIBC's Institution Number (or bank number) is 010, and its SWIFT code is CIBCCATT.
The bank's two strategic business units, CIBC World Markets and CIBC Retail Markets, also have international operations in the United States
, the Caribbean
, Asia
and the United Kingdom
. Globally, CIBC serves more than eleven million clients, and has over 40,000 employees. The company ranks at number 168 on the Forbes Global 2000
listing.
and the Imperial Bank of Canada
. At the time, they were two of Canada's largest banks.
as competition for the Bank of Montreal. By 1874 it had 24 branches.
The Imperial Bank of Canada opened in Toronto on March 18, 1875, founded by former Commerce Vice-president Henry Stark Howland.
By the end of 1895, the Canadian Bank of Commerce had 58 branches and the Imperial Bank of Canada 18.
Following the 1896 discovery of gold in the Yukon, the Dominion Government asked the Canadian Bank of Commerce to open a branch Dawson City. With acquisitions in the 1920s, the Commerce became one of the strongest branch networks in Canada with well over 700 branches. Internationally the bank opened branches in Cuba, Jamaica, Barbados and Trinidad during the 1920s.
Wood, Gundy & Company, the precursor of CIBC's investment banking arm, opened its doors on February 1, 1905. During World War I, it took a prominent and active role in the organization of Victory Loans.
The Canadian Bank of Commerce opened its new head office in Toronto in 1931. An observation gallery on the 32nd floor was a popular tourist attraction where, for the first time, visitors could get an aerial view of the city.
In 1936, the Commerce was the first Canadian bank to establish a personal loans department.
Following the war, both banks started to open new branches. Although the banks had been barred from the mortgage business since 1871, the Canadian government now called upon them to provide mortgage services. So, in 1954, Canadian banks started offering mortgages for new construction.
On June 1, 1961, the Canadian Imperial Bank of Commerce was formed through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada which had over 1,200 branches across Canada. The new bank had the most resources and the most branches of any bank in the country.
Following the merger, the new bank commissioned a new head office. While planning to retain Commerce Court North, the bank hired architect I. M. Pei
to design a three-building complex. The result was Commerce Court consisting of a landscaped courtyard complementing the existing building and included the newly built 786-foot Commerce Court West. When it was completed in 1973, the 57-storey building was the tallest building in Canada, and the largest stainless-steel-clad building in the world.
In 1967, both Canada and CIBC celebrated their centenaries. CIBC was the only chartered bank to have a branch on-site at Expo 67
. It was also at this time that computerization began to change banking services. That same year the Yonge and Bloor branch in Toronto was the first Canadian bank branch to update customer bank books through computer. This also marked the introduction of inter-branch banking. Before the decade was out, CIBC had introduced the first 24-hour cash dispenser, which would eventually become the ATM.
Changes to federal and provincial regulations ending the separation of banks, investment dealers, trust companies and insurance companies came in 1987. CIBC quickly took advantage of this and became the first Canadian bank to operate an investment dealer, CIBC Securities, offering services to the public.
In 1988, CIBC acquired a majority interest in Wood Gundy Inc.
who brought their reputation in underwriting as well as their name. Shortly thereafter Wood Gundy and CIBC Securities merged to become CIBC Wood Gundy
which would later become CIBC Oppenheimer in 1997 and then CIBC World Markets.
In 1992, CIBC introduced automated telephone banking; in 1995 they launched their website, and shortly thereafter began offering banking services online. In 1998, CIBC joined with Loblaws
to create President's Choice Financial
which launched in 28 Ottawa area stores.
There was an attempt by CIBC to merge with the Toronto-Dominion Bank
in 1998. However, the Government of Canada
at the lead of then Finance Minister
Paul Martin
blocked the merger from occurring as not in the best interest of Canadians
CIBC sold their corporate and purchasing credit card business to US Bank Canada
in October 2006. The buyer has previously acquired business charge cards from Royal Bank of Canada
.
In 2006, the stock ticker symbol on the New York Stock Exchange was changed from BCM to CM to bring it in line with the ticker symbol on the Toronto Stock Exchange
.
In December 2006, CIBC acquired majority control of their publicly held joint venture FirstCaribbean International Bank
for just over US$1 billion (Bds$2 billion), from Barclays Bank 's acquiring their 43.7% stake.
On February 12, 2009 the Trinidad and Tobago Express newspaper reported that CIBC may enter into discussions to buy out CL Financial
's stake in the Republic Bank of Trinidad and Tobago
. Due to CL Financial financial issues during the Global financial crisis of 2008–2009. As of May 2010, no further information was available.
In February, 2010 CIBC became the first chartered bank in Canada to launch a mobile banking iPhone
App. It surpassed 100,000 downloads in just over one month following launch, with over 1 million client logins to CIBC Mobile Banking since its introduction.
In June 2010, CIBC said it has signed a deal to buy a $2.1-billion credit card portfolio from Citigroup
’s Citibank Canada
Master Card business.
In October 2010, CIBC announced that it would be the first bank in Canada to introduce the internationally used Visa-branded debit card.
, Barbados
and in Kingston, Jamaica
. That same year it also opened branches in Port of Spain
, Trinidad
and Havana
, Cuba
. The bank had already opened a branch in Mexico City
in 1910. In 1957, the bank opened a branch in Nassau
, the Bahamas, and in the subsequent years expanded its operations in Jamaica.
Between 1963 and 1988, the bank expanded its branch network in Barbados opened branches in St. Vincent
, Antigua
, and St Lucia. In 1988, CIBC sold 45% of its shares in CIBC Jamaica via a public share issue. Between 1993 and 1996, CIBC restructured its holdings in the Caribbean, with the incorporation of CIBC West Indies Holdings Limited and CIBC Caribbean Limited. CIBC West Indies Holdings then sold 30% of its shares to the public. In 1997, CIBC issued 5 million shares in CIBC Bahamas Limited to the public. On October 31, 2001 Barclays Bank PLC and CIBC agreed to combine their Caribbean operations to establish FirstCaribbean International Bank
.
In 2006, CIBC bought out Barclays Bank's stake to give it about 92% of FirstCaribbean International Bank. In 2010, CIBC acquired a 22.5% equity of Butterfield Bank
of Bermuda
.
, Hong Kong billionaire was the largest foreign shareholder in the bank for over two decades, but in early 2005 he sold his portion (est. C$1.2 billion) to establish a Canadian charity, the Li Ka Shing Foundation. CIBC was Mr. Li's choice for financing many of his Canadian ventures, like Husky Energy
. Mr. Li had reportedly backed personal and commercial banking head Holger Kluge to succeed Al Flood as CEO of CIBC in 1999.
Current senior executive team:
Current members of the Board of Directors
:
financial statements. This consists of $37.5 million to repay ill-gotten gains, a $37.5 million penalty and $5 million in interest. The money is intended to be returned to Enron fraud victims pursuant to the Fair Fund provisions of Section 308(a) of the Sarbanes-Oxley Act
of 2002.
The SEC also sued three of CIBC's executives. CIBC Executive Vice President Daniel Ferguson and former CIBC Executive Director Mark Wolf agreed to settle for US$563,000 and US$60,000, respectively. Ian Schottlaender, former managing director in CIBC's corporate leveraged finance group in New York initially contested the charges but on July 12, 2004 he agreed to pay US$ 528,750 as well as be barred from serving as an officer or director of a publicly traded company for a period of five years. Under these agreements the individuals neither admit nor deny wrongdoing.
The SEC complaint charges that "CIBC and the three executives with having helped Enron to mislead its investors through a series of complex structured finance
transactions over a period of several years preceding Enron's bankruptcy." The agreement reached between the SEC and CIBC permanently enjoins CIBC from violating the antifraud, books and records, and internal control provisions of the federal securities laws.
On August 2, 2005 CIBC paid US$2.4 billion to settle a class action lawsuit brought by a group of pension funds and investment managers, including the University of California, which claims that "systematic fraud by Enron and its officers led to the loss of billions and the collapse of the company."
, $1.65 million to the Class Action Fund of the Law Society of Upper Canada (Ontario)
, and $3 million in legal fees. The bank also announced that it has not admitted any liability and is settling to avoid further litigation with its cardholders.
In another similar incident, CIBC announced on April 27, 2006 that it's refunding an additional $27 million to about 200,000 clients who were overcharged for certain overdraft fees and other borrowing transactions, some of which date back to 1993. In cases where clients were undercharged, the bank decided not to seek reimbursement.
expressed disappointment in the way CIBC dealt with incidents involving the bank misdirecting faxes containing customers' personal information. One involved misdirecting faxes to a scrap yard operator in West Virginia from 2001 to 2004. The misdirected faxes contained the social security numbers, home addresses, phone numbers, and detailed bank account data of several hundred bank customers.
The second incident involved a Dorval businessman and allegedly took place from 2000 to 2004. In both cases, the commissioner noted that the bank did not inform the affected clients, whose personal information was compromised, until the incidents became public and an investigation was underway.
A few days after the story broke on CTV News
and The Globe and Mail
, CIBC announced that it had banned its employees from using fax machines to transmit any documents containing confidential customer information.
stated, "Although I appreciate that the bank notified us of this incident and that it is working cooperatively with my Office, I am nevertheless deeply troubled, especially given the magnitude of this breach, which puts at risk the personal information of hundreds of thousands of Canadians." She immediately launched a privacy investigation.
Toronto
Toronto is the provincial capital of Ontario and the largest city in Canada. It is located in Southern Ontario on the northwestern shore of Lake Ontario. A relatively modern city, Toronto's history dates back to the late-18th century, when its land was first purchased by the British monarchy from...
, Ontario
Ontario
Ontario is a province of Canada, located in east-central Canada. It is Canada's most populous province and second largest in total area. It is home to the nation's most populous city, Toronto, and the nation's capital, Ottawa....
.
CIBC's Institution Number (or bank number) is 010, and its SWIFT code is CIBCCATT.
The bank's two strategic business units, CIBC World Markets and CIBC Retail Markets, also have international operations in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, the Caribbean
Caribbean
The Caribbean is a crescent-shaped group of islands more than 2,000 miles long separating the Gulf of Mexico and the Caribbean Sea, to the west and south, from the Atlantic Ocean, to the east and north...
, Asia
Asia
Asia is the world's largest and most populous continent, located primarily in the eastern and northern hemispheres. It covers 8.7% of the Earth's total surface area and with approximately 3.879 billion people, it hosts 60% of the world's current human population...
and the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. Globally, CIBC serves more than eleven million clients, and has over 40,000 employees. The company ranks at number 168 on the Forbes Global 2000
Forbes Global 2000
The Forbes Global 2000 is an annual ranking of the top 2000 public companies in the world by Forbes magazine. The ranking is based on a mix of four metrics: sales, profit, assets and market value...
listing.
History
The Canadian Imperial Bank of Commerce, as it is known today, came into being in 1961. The bank was formed through the merger of the Canadian Bank of CommerceCanadian Bank of Commerce
The Canadian Bank of Commerce was a Canadian bank cofounded in 1867 by William McMaster. The Canadian Bank of Commerce opened in Toronto with a charter in 1866 that it purchased from the defunct Bank of Canada, which folded in 1858....
and the Imperial Bank of Canada
Imperial Bank of Canada
The Imperial Bank of Canada was a Canadian bank based in Toronto in the late 19th Century and early 20th Century.Founded in 1873 as the Imperial Bank in Toronto by Henry Stark Howland, former vice president of the Canadian Bank of Commerce. The bank became the Imperial Bank of Canada in 1874.In...
. At the time, they were two of Canada's largest banks.
Origins
The Canadian Bank of Commerce opened for business on May 15, 1867 in Toronto and was founded by the Honourable William McMasterWilliam McMaster
William McMaster was a wholesaler, Senator and banker in the 19th century. A director of the Bank of Montreal from 1864–1867, he was a driving force behind the creation of the Canadian Bank of Commerce of which he served as the founding president from 1867 to his death in 1887.He served in the...
as competition for the Bank of Montreal. By 1874 it had 24 branches.
The Imperial Bank of Canada opened in Toronto on March 18, 1875, founded by former Commerce Vice-president Henry Stark Howland.
By the end of 1895, the Canadian Bank of Commerce had 58 branches and the Imperial Bank of Canada 18.
Following the 1896 discovery of gold in the Yukon, the Dominion Government asked the Canadian Bank of Commerce to open a branch Dawson City. With acquisitions in the 1920s, the Commerce became one of the strongest branch networks in Canada with well over 700 branches. Internationally the bank opened branches in Cuba, Jamaica, Barbados and Trinidad during the 1920s.
Wood, Gundy & Company, the precursor of CIBC's investment banking arm, opened its doors on February 1, 1905. During World War I, it took a prominent and active role in the organization of Victory Loans.
In 1936, the Commerce was the first Canadian bank to establish a personal loans department.
Following the war, both banks started to open new branches. Although the banks had been barred from the mortgage business since 1871, the Canadian government now called upon them to provide mortgage services. So, in 1954, Canadian banks started offering mortgages for new construction.
Forming Canadian Imperial Bank of Commerce
In 1960, Imperial Chairman Stuart Mackersy approached Neil McKinnon the President of the Commerce with a proposal to merge the two banks. This followed a decade of expansion in the Canadian economy and Canada's capitalization of the industrialization of its natural resources. A deal between the two banks was quickly reached.On June 1, 1961, the Canadian Imperial Bank of Commerce was formed through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada which had over 1,200 branches across Canada. The new bank had the most resources and the most branches of any bank in the country.
I. M. Pei
Ieoh Ming Pei , commonly known as I. M. Pei, is a Chinese American architect, often called a master of modern architecture. Born in Canton, China and raised in Hong Kong and Shanghai, Pei drew inspiration at an early age from the gardens at Suzhou...
to design a three-building complex. The result was Commerce Court consisting of a landscaped courtyard complementing the existing building and included the newly built 786-foot Commerce Court West. When it was completed in 1973, the 57-storey building was the tallest building in Canada, and the largest stainless-steel-clad building in the world.
In 1967, both Canada and CIBC celebrated their centenaries. CIBC was the only chartered bank to have a branch on-site at Expo 67
Expo 67
The 1967 International and Universal Exposition or Expo 67, as it was commonly known, was the general exhibition, Category One World's Fair held in Montreal, Quebec, Canada, from April 27 to October 29, 1967. It is considered to be the most successful World's Fair of the 20th century, with the...
. It was also at this time that computerization began to change banking services. That same year the Yonge and Bloor branch in Toronto was the first Canadian bank branch to update customer bank books through computer. This also marked the introduction of inter-branch banking. Before the decade was out, CIBC had introduced the first 24-hour cash dispenser, which would eventually become the ATM.
Changes to federal and provincial regulations ending the separation of banks, investment dealers, trust companies and insurance companies came in 1987. CIBC quickly took advantage of this and became the first Canadian bank to operate an investment dealer, CIBC Securities, offering services to the public.
In 1988, CIBC acquired a majority interest in Wood Gundy Inc.
Wood Gundy Inc.
Wood Gundy Inc. was a leading Canadian stock brokerage and investment banking firm.The firm, which was founded in 1905 was acquired by the Canadian Imperial Bank of Commerce in 1988 as it attempted to build an investment banking business. The Wood Gundy name was used extensively by the bank's...
who brought their reputation in underwriting as well as their name. Shortly thereafter Wood Gundy and CIBC Securities merged to become CIBC Wood Gundy
CIBC Wood Gundy
CIBC Wood Gundy is the is the Canadian retail brokerage division of CIBC World Markets, a division of the Canadian Imperial Bank of Commerce.CIBC Wood Gundy maintains a network of 1,400 brokers working in over 100 branches across Canada...
which would later become CIBC Oppenheimer in 1997 and then CIBC World Markets.
In 1992, CIBC introduced automated telephone banking; in 1995 they launched their website, and shortly thereafter began offering banking services online. In 1998, CIBC joined with Loblaws
Loblaws
Loblaws is a supermarket chain with over 70 stores in Canada, headquartered in Brampton, with stores across Ontario and Quebec. Loblaws is a division of Loblaw Companies Limited, Canada's largest food distributor...
to create President's Choice Financial
President's Choice Financial
President’s Choice Financial is a banking service provided by Loblaw Companies . Several different organizations provide individual financial services under the President's Choice Financial umbrella:...
which launched in 28 Ottawa area stores.
Present
Toronto-Dominion Bank
The Toronto-Dominion Bank , is the second-largest bank in Canada by market capitalization and based on assets. It is also the sixth largest bank in North America. Commonly known as TD and operating as TD Bank Group, the bank was created in 1955 through the merger of the Bank of Toronto and the...
in 1998. However, the Government of Canada
Government of Canada
The Government of Canada, formally Her Majesty's Government, is the system whereby the federation of Canada is administered by a common authority; in Canadian English, the term can mean either the collective set of institutions or specifically the Queen-in-Council...
at the lead of then Finance Minister
Finance minister
The finance minister is a cabinet position in a government.A minister of finance has many different jobs in a government. He or she helps form the government budget, stimulate the economy, and control finances...
Paul Martin
Paul Martin
Paul Edgar Philippe Martin, PC , also known as Paul Martin, Jr. is a Canadian politician who was the 21st Prime Minister of Canada, as well as leader of the Liberal Party of Canada....
blocked the merger from occurring as not in the best interest of Canadians
CIBC sold their corporate and purchasing credit card business to US Bank Canada
U.S. Bancorp
U.S. Bancorp is a diversified financial services holding company, headquartered in Minneapolis, Minnesota. It is the parent company of U.S. Bank, the fifth largest commercial bank in the United States based on $330 billion in assets. U.S. Bank ranks as the sixth largest bank in the U.S. based on...
in October 2006. The buyer has previously acquired business charge cards from Royal Bank of Canada
Royal Bank of Canada
The Royal Bank of Canada or RBC Financial Group is the largest financial institution in Canada, as measured by deposits, revenues, and market capitalization. The bank serves seventeen million clients and has 80,100 employees worldwide. The company corporate headquarters are located in Toronto,...
.
In 2006, the stock ticker symbol on the New York Stock Exchange was changed from BCM to CM to bring it in line with the ticker symbol on the Toronto Stock Exchange
Toronto Stock Exchange
Toronto Stock Exchange is the largest stock exchange in Canada, the third largest in North America and the seventh largest in the world by market capitalisation. Based in Canada's largest city, Toronto, it is owned by and operated as a subsidiary of the TMX Group for the trading of senior equities...
.
In December 2006, CIBC acquired majority control of their publicly held joint venture FirstCaribbean International Bank
FirstCaribbean International Bank
CIBC FirstCaribbean International Bank , is a publicly held Caribbean financial services company based in Barbados. Formed in 2002 as a merge the Caribbean operations of Barclays Bank PLC and Canadian Imperial Bank of Commerce , in March 2006 both CIBC and Barclays announced that Barclays wished...
for just over US$1 billion (Bds$2 billion), from Barclays Bank 's acquiring their 43.7% stake.
On February 12, 2009 the Trinidad and Tobago Express newspaper reported that CIBC may enter into discussions to buy out CL Financial
CL Financial
CL Financial – before its financial breakdown that became evident after a liquidity crisis and government intervention in 2009 – was the largest privately held conglomerate in Trinidad and Tobago and one of the largest privately held corporations in the entire Caribbean...
's stake in the Republic Bank of Trinidad and Tobago
Republic Bank
Republic Bank is a leading bank and financial service provider in Trinidad and Tobago and one of the largest in the Eastern Caribbean. It has branches in Grenada, Guyana, Barbados, and offshore banking operations incorporated in the Cayman Islands...
. Due to CL Financial financial issues during the Global financial crisis of 2008–2009. As of May 2010, no further information was available.
In February, 2010 CIBC became the first chartered bank in Canada to launch a mobile banking iPhone
IPhone
The iPhone is a line of Internet and multimedia-enabled smartphones marketed by Apple Inc. The first iPhone was unveiled by Steve Jobs, then CEO of Apple, on January 9, 2007, and released on June 29, 2007...
App. It surpassed 100,000 downloads in just over one month following launch, with over 1 million client logins to CIBC Mobile Banking since its introduction.
In June 2010, CIBC said it has signed a deal to buy a $2.1-billion credit card portfolio from Citigroup
Citigroup
Citigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City, New York, United States. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate...
’s Citibank Canada
Citibank Canada
Citibank Canada is a unit of Citigroup of New York City. The Canadian unit has been operating since 1954, with Canadian headquarters in Toronto...
Master Card business.
In October 2010, CIBC announced that it would be the first bank in Canada to introduce the internationally used Visa-branded debit card.
North America
- CIBC Mellon Global Securities ServicesCIBC MellonCIBC Mellon was founded in 1996 as a joint venture between the Canadian Imperial Bank of Commerce and the Mellon Financial Corporation to offer asset servicing to institutional investors...
: formed by CIBC and Mellon Bank Corp. (now Bank of New York MellonBank of New York MellonThe Bank of New York Mellon Corporation is a global financial services company formed on July 1, 2007 as result of the merger of The Bank of New York and Mellon Financial Corporation...
) of Pittsburgh PA 1996 and Canada Trust's (now TD Canada Trust) pension and custody business in 1997
- Canadian Eastern Finance Limited (CEF): formed by CIBC and Hutchison Whampoa of Hong Kong; includes CEF Capital Limited, CEF Investment Management Limited
- President's Choice Financial: A joint venture between CIBC and Loblaw Companies Limited; PC Financial's banking services such as deposit accounts, investments and credit products (excluding MastercardMasterCardMastercard Incorporated or MasterCard Worldwide is an American multinational financial services corporation with its headquarters in the MasterCard International Global Headquarters, Purchase, Harrison, New York, United States...
) are provided by a division of CIBC Retail MarketsCIBC Retail MarketsCIBC Retail Markets is the retail banking division of the Canadian Imperial Bank of Commerce. It offers savings and loan services for personal and business customers. CIBC Retail Markets is currently headed by Sonia A...
, formerly AmicusAmicusAmicus was the United Kingdom's second-largest trade union, and the largest private sector union, formed by the merger of Manufacturing Science and Finance, the AEEU agreed in 2001, and two smaller unions, UNIFI and the GPMU...
Bank. In 2005 AmicusAmicusAmicus was the United Kingdom's second-largest trade union, and the largest private sector union, formed by the merger of Manufacturing Science and Finance, the AEEU agreed in 2001, and two smaller unions, UNIFI and the GPMU...
was dissolved as a separate legal entity.
- Amicus FSB: A similar setup as President's Choice Financial, it was created in 1999 in the United States with Winn Dixie and Safeway Inc.Safeway Inc.Safeway Inc. , a Fortune 500 company, is North America's second largest supermarket chain after The Kroger Co., with, as of December 2010, 1,694 stores located throughout the western and central United States and western Canada. It also operates some stores in the Mid-Atlantic region of the Eastern...
under the Marketplace Bank and Safeway Select Bank brands. It was disbanded in 2002 and sold to E*Trade Bank.
- Soltrus Inc 2001: provider of digital trust services for businesses and consumers to communicate and transact over digital networks owned by CIBC, TelusTELUSTelus is a national telecommunications company in Canada that provides a wide range of telecommunications products and services including internet access, voice, entertainment, video, and satellite television. The company is based in Burnaby, British Columbia, part of Greater Vancouver...
Corp and VeriSignVeriSignVerisign, Inc. is an American company based in Dulles, Virginia that operates a diverse array of network infrastructure, including two of the Internet's thirteen root nameservers, the authoritative registry for the .com, .net, and .name generic top-level domains and the .cc and .tv country-code...
Inc.
- Aplettix Inc 2000: firm specializing in secure transaction systems in the banking sector; CIBC signed an agreement with the New York based firm in 2000, but the project was later abandoned for alternatives such as VeriSign
- Canadian Defence Community Banking - CIBC and the Department of National DefenceDepartment of National Defence (Canada)The Department of National Defence , frequently referred to by its acronym DND, is the department within the government of Canada with responsibility for all matters concerning the defence of Canada...
have worked together to develop Canadian Defence Community Banking, a banking program created specifically to meet the unique needs of the Canadian military community. Services are provided by CIBC Retail MarketsCIBC Retail MarketsCIBC Retail Markets is the retail banking division of the Canadian Imperial Bank of Commerce. It offers savings and loan services for personal and business customers. CIBC Retail Markets is currently headed by Sonia A...
in the same way as the CIBC PC Financial products.
Caribbean
In 1920, Canadian Bank of Commerce established its first branches in the West Indies in BridgetownBridgetown
The city of Bridgetown , metropolitan pop 96,578 , is the capital and largest city of the nation of Barbados. Formerly, the Town of Saint Michael, the Greater Bridgetown area is located within the parish of Saint Michael...
, Barbados
Barbados
Barbados is an island country in the Lesser Antilles. It is in length and as much as in width, amounting to . It is situated in the western area of the North Atlantic and 100 kilometres east of the Windward Islands and the Caribbean Sea; therein, it is about east of the islands of Saint...
and in Kingston, Jamaica
Kingston, Jamaica
Kingston is the capital and largest city of Jamaica, located on the southeastern coast of the island. It faces a natural harbour protected by the Palisadoes, a long sand spit which connects the town of Port Royal and the Norman Manley International Airport to the rest of the island...
. That same year it also opened branches in Port of Spain
Port of Spain
Port of Spain, also written as Port-of-Spain, is the capital of the Republic of Trinidad and Tobago and the country's third-largest municipality, after San Fernando and Chaguanas. The city has a municipal population of 49,031 , a metropolitan population of 128,026 and a transient daily population...
, Trinidad
Trinidad
Trinidad is the larger and more populous of the two major islands and numerous landforms which make up the island nation of Trinidad and Tobago. It is the southernmost island in the Caribbean and lies just off the northeastern coast of Venezuela. With an area of it is also the fifth largest in...
and Havana
Havana
Havana is the capital city, province, major port, and leading commercial centre of Cuba. The city proper has a population of 2.1 million inhabitants, and it spans a total of — making it the largest city in the Caribbean region, and the most populous...
, Cuba
Cuba
The Republic of Cuba is an island nation in the Caribbean. The nation of Cuba consists of the main island of Cuba, the Isla de la Juventud, and several archipelagos. Havana is the largest city in Cuba and the country's capital. Santiago de Cuba is the second largest city...
. The bank had already opened a branch in Mexico City
Mexico City
Mexico City is the Federal District , capital of Mexico and seat of the federal powers of the Mexican Union. It is a federal entity within Mexico which is not part of any one of the 31 Mexican states but belongs to the federation as a whole...
in 1910. In 1957, the bank opened a branch in Nassau
Nassau, Bahamas
Nassau is the capital, largest city, and commercial centre of the Commonwealth of the Bahamas. The city has a population of 248,948 , 70 percent of the entire population of The Bahamas...
, the Bahamas, and in the subsequent years expanded its operations in Jamaica.
Between 1963 and 1988, the bank expanded its branch network in Barbados opened branches in St. Vincent
Saint Vincent (island)
Saint Vincent is a volcanic island in the Caribbean. It is the largest island of the chain called Saint Vincent and the Grenadines. It is located in the Caribbean Sea, between Saint Lucia and Grenada. It is composed of partially submerged volcanic mountains...
, Antigua
Antigua
Antigua , also known as Waladli, is an island in the West Indies, in the Leeward Islands in the Caribbean region, the main island of the country of Antigua and Barbuda. Antigua means "ancient" in Spanish and was named by Christopher Columbus after an icon in Seville Cathedral, Santa Maria de la...
, and St Lucia. In 1988, CIBC sold 45% of its shares in CIBC Jamaica via a public share issue. Between 1993 and 1996, CIBC restructured its holdings in the Caribbean, with the incorporation of CIBC West Indies Holdings Limited and CIBC Caribbean Limited. CIBC West Indies Holdings then sold 30% of its shares to the public. In 1997, CIBC issued 5 million shares in CIBC Bahamas Limited to the public. On October 31, 2001 Barclays Bank PLC and CIBC agreed to combine their Caribbean operations to establish FirstCaribbean International Bank
FirstCaribbean International Bank
CIBC FirstCaribbean International Bank , is a publicly held Caribbean financial services company based in Barbados. Formed in 2002 as a merge the Caribbean operations of Barclays Bank PLC and Canadian Imperial Bank of Commerce , in March 2006 both CIBC and Barclays announced that Barclays wished...
.
In 2006, CIBC bought out Barclays Bank's stake to give it about 92% of FirstCaribbean International Bank. In 2010, CIBC acquired a 22.5% equity of Butterfield Bank
Butterfield Bank
Butterfield, officially The Bank of N. T. Butterfield & Son Limited, is a bank founded and based in Bermuda. In addition to Bermuda, it operates in the Bahamas, Barbados, the Cayman Islands, Guernsey, Switzerland and the United Kingdom, providing private banking, wealth management and trust fund...
of Bermuda
Bermuda
Bermuda is a British overseas territory in the North Atlantic Ocean. Located off the east coast of the United States, its nearest landmass is Cape Hatteras, North Carolina, about to the west-northwest. It is about south of Halifax, Nova Scotia, Canada, and northeast of Miami, Florida...
.
Restructuring and outsourcing
- HPHewlett-PackardHewlett-Packard Company or HP is an American multinational information technology corporation headquartered in Palo Alto, California, USA that provides products, technologies, softwares, solutions and services to consumers, small- and medium-sized businesses and large enterprises, including...
Intria ItemsIntria ItemsIntria Items is a Canadian leader in payment and information processing services. Processing more than two billion items each year, the company serves a wide range of clients in the financial, utility, and retail sectors...
(Intria Corp): Formed by CIBC with Hewlett Packard and Fiserv Canada in 1996. In 2005, CIBC acquired the remaining shares from Fiserv and Intria becomes a unit of CIBC
- EDULINX Canada Corporation: Established in 1999, it was sold to Nelnet Canada Inc, the Canadian unit of Nelnet, Inc. of the U.S., in late 2004
- Toronto Blue Jays Baseball Club: Founding owners of the MLB team in 1977 and had a 10% stake with majority owner Labatt's Breweries (later acquired by InterBrew NV) and sold to Rogers Media in 2000
- CIBC Leadership Centre: In 2001, the King City facility was sold to Benchmark Hospitality as the bank began to divest real estate or investment in areas outside of its business strategies
- TSYS: In 2002, a 10 year agreement was signed with Total Systems Services Inc of Columbus, Georgia to outsource credit card processing operations
- Juniper Financial Corporation: The bank acquired the Wilmington, DelawareWilmington, DelawareWilmington is the largest city in the state of Delaware, United States, and is located at the confluence of the Christina River and Brandywine Creek, near where the Christina flows into the Delaware River. It is the county seat of New Castle County and one of the major cities in the Delaware Valley...
credit card issuer 2001 and sold to Barclays Bank in 2004
Miscellaneous
Li Ka ShingLi Ka Shing
Sir Ka-shing Li, GBM, KBE, JP is a Chinese business magnate based in Hong Kong. He is the richest person of East Asian descent in the world and the eleventh richest person in the world with an estimated wealth of US$26.0 billion on 10 March 2011...
, Hong Kong billionaire was the largest foreign shareholder in the bank for over two decades, but in early 2005 he sold his portion (est. C$1.2 billion) to establish a Canadian charity, the Li Ka Shing Foundation. CIBC was Mr. Li's choice for financing many of his Canadian ventures, like Husky Energy
Husky Energy
Husky Energy Inc. is a large integrated Canadian energy company based in Calgary, Alberta. Husky's foundation is in Western Canada, where it has extensive conventional oil and natural gas assets, significant heavy oil production and a range of midstream and downstream operations, including...
. Mr. Li had reportedly backed personal and commercial banking head Holger Kluge to succeed Al Flood as CEO of CIBC in 1999.
Corporate governance
CIBC is well known for its publicized battles of succession to the top position of President and CEO (formerly styled Chairman and CEO until 2003 when the positions were separated). When Al Flood became CEO, one of his first acts was to fire his chief rival Paul Cantor. 1999 saw a competition between Wood Gundy (now CIBC World Markets) chief John S. Hunkin and Personal/Commercial banking head Holger Kluge, with Kluge retiring the firm after Hunkin was selected. In February 2004, Hunkin forced his friend and heir-apparent David Kassie to resign as Chairman and CEO of World Markets after several scandals in the US (both men had given up their bonuses in 2002 after that year produced the worst results in the history of CIBC). Kassie afterwards founded Genuity Capital and was alleged to have raided 20 key employees from World Markets for his new startup, causing CIBC to file a lawsuit. Gerald T. McCaughey was named as Kassie's replacement for World Markets. Not long after he was promoted to President and Chief Operating Officer, assuring his succession to CEO, Jill Denham, Vice Chair of Retail Markets and a potential candidate for the CEO post, was reportedly dismissed by McCaughey. Denham was reported close to Hunkin and Kassie and McCaughey wanted to build his own senior executive team.Current senior executive team:
- Gerald T. McCaugheyGerald T. McCaugheyGerald T. McCaughey is the president and CEO of the Canadian Imperial Bank of Commerce.-Early years:...
- President and CEO - Mike Capatides - Chief Administrative Officer and General Counsel, Administration Division
- Victor Dodig - Senior Executive Vice-President, and Group Head, Wealth Management
- Kevin Glass - Senior Executive-Vice President, and Chief Financial Officer
- Richard NesbittRichard NesbittRichard William Nesbitt is a Canadian financial executive. He became CEO of CIBC World Markets on February 29, 2008, replacing former CIBC World Markets head Brian Shaw....
- Senior Executive Vice-President, and Group Head, Wholesale, International, and Technology and Operations - Hon. Jim PrenticeJim PrenticeJames "Jim" Prentice, PC, QC is a Canadian lawyer, and politician. In the 2004 federal election he was elected to the Canadian House of Commons as a candidate of the Conservative Party of Canada...
P.C., Q.C. - Senior Executive Vice-President and Vice Chairman - Richard E. Venn - Senior Executive Vice-President, and Managing Director and Deputy Chair, CIBC World Markets Inc.
- David Williamson - Senior Executive Vice-President, and Group Head, Retail and Business Banking
- Tom Woods - Senior Executive Vice-President and Chief Risk Officer, Risk Management
Current members of the Board of Directors
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
:
- Brent S. Belzberg (2005); Senior Managing Partner, Torquest Partners Inc.
- Jalynn H. Bennett (1994) C.M.; President, Jalynn H. Bennett and Associates Ltd.
- Gary F. Colter (2003) F.C.A.; President, CRS Inc.
- Dominic D'Alessandro (2010); Past President and Chief Executive Officer, Manulife Financial Corporation
- Patrick D. Daniel(2009) B.S., M.S. Chem. E; President and Chief Executive Officer, Enbridge Inc.
- Luc Desjardins (2009); Equity Partner, The Sterling Group, LP
- Gordon D. GiffinGordon GiffinGordon D. Giffin became the thirty-fourth Ambassador of the United States to Canada on September 17, 1997.Born in Springfield, Massachusetts, Gordon Giffin moved to Canada before his first birthday. He lived in Montreal and Toronto for 17 years, attending Valois Park Elementary School in Pointe...
(2001); Senior Partner, McKenna Long & Aldridge LLP - Linda S. Hasenfratz (2004); Chief Executive Officer, Linamar Corporation
- Nicholas D. Le Pan (2008); Consultant, 6610587 Canada Inc.
- John P. ManleyJohn Manley (politician)John Paul Manley, PC, OC is a Canadian lawyer, businessman and politician. He served as Liberal Member of Parliament for Ottawa South from 1988 to 2004, and a Cabinet Minister from 1993 to 2003. He is presently President and CEO of the Canadian Council of Chief Executives.-Background:Manley was...
, P.C. (2005); President and Chief Executive Officer, Canadian Council of Chief ExecutivesCanadian Council of Chief ExecutivesThe Canadian Council of Chief Executives is an organization in Canada of chief executive officers of roughly 150 major Canadian corporations. The organization was founded in 1976 as the Business Council on National Issues, but renamed itself in 2001. The council actively comments on public... - Gerald T. McCaughey (2005); President and Chief Executive Officer, CIBC
- Jane L. Peverett (2009); Corporate Director
- Leslie Rahl (2007) B.Sc., M.B.A.; Founder and Managing Partner, Capital Market Risk Advisors, Inc.
- Charles SiroisCharles SiroisCharles Sirois, is a Canadian businessman. He is the founder, controlling shareholder, Chairman and CEO of Telesystem Ltd., a Canadian private equity company....
(1997) C.M., B.Fin., M.Fin.; Chair of the Board, CIBC - Robert J. Steacy (2008); Corporate Director
- Katherine B. Stevenson (2011); Corporate Director
- Ronald W. Tysoe (2004); Corporate Director
2010
- CIBC was named Canada’s Best Consumer Internet Bank for the third year in a row by Global Finance magazine in its 11th annual “World’s Best Internet Banks” competition.
- CIBC was selected by Corporate Knights as one of the Best 50 Corporate Citizens for 2010, marking the sixth time the bank has made the list since the annual ranking began in 2002.
- CIBC was named one of Canada's 50 Most Socially Responsible Corporations in a recent report released this week by Jantzi Research and Maclean's. The annual Jantzi-Maclean's Corporate Social Responsibility Report recognizes the top 50 corporations who perform best across a broad range of environmental, social, and governance indicators as tracked by Jantzi Research.
- CIBC was recognized by the Sponsorship Marketing Council of Canada (SMCC) with the Award of Distinction in the Sustained Success category for its sponsorship of the Canadian Breast Cancer Foundation CIBC Run for the Cure. The award recognizes the highest level of accountability, effectiveness and return on investment over a period of three years or longer. CIBC also won this award in 2006 and 2007 for the Run for the Cure.
- CIBC has for the third consecutive year been recognized as one of Canada's Best Employers for New Canadians. The award recognizes employers across Canada who are leaders in creating a workplace that welcomes new Canadians and allows them to make the most of their skills, education and talents. The winners were selected by the editors of Canada's Top 100 Employers.
2009
- CIBC was a winner in one category and runner up in a second at the 2009 Global Six Sigma & Business Improvement Awards. CIBC won the award for "Best Project Achievement in Business Enabling Processes" for enhancements to debit card fraud processes.
- The Association of Fundraising Professionals (AFP) Greater Toronto Chapter presented CIBC with the 2009 Outstanding Corporation Philanthropy Award. Nominated for the award by three outstanding charities with which CIBC has had long-standing relationships - Skills for Change, St. Michael's Hospital and the Canadian Breast Cancer Foundation - CIBC was recognized for the scope of its community investment programs. We were also recognized for our exceptional commitment to providing ongoing support to more than 2,500 organizations that focus on youth, education and health.
- For the second consecutive year, CIBC was recognized with a Silver Canadian Award for Training Excellence in Internal eLearning from the Canadian Society for Training and Development (CSTD).
- CIBC was honoured at the Canadian Society for Training and Development (CSTD) President’s Dinner with a Canadian WOW Award for training excellence in recognition of the success of its CIBC Connection to Employment initiative. A free, unpaid five-week job readiness training program led jointly by CIBC and the YMCA, CIBC Connection to Employment prepares qualified newcomers for careers in the Canadian financial services industry.
- CIBC.com is now the first Canadian bank website to receive CNIB Site Check certification for providing barrier-free web access to people who are blind or have vision loss. The CNIB Site Check program evaluates the accessibility of websites based upon a range of criteria and gives a passing grade to sites that provide barrier-free web design.
- CIBC was selected for the third year in a row as a 2009 Climate Disclosure Leader by the Conference Board of Canada and the Carbon Disclosure Project (CDP). CIBC was one of only five low-carbon impact sector companies in the 15 company leadership group out of the 200 most valuable companies by market capitalization listed on the Toronto Stock Exchange.
- CIBC was selected as a component of the Dow Jones Sustainability Index (DJSI), an influential benchmark for socially responsible asset managers. CIBC is one of 25 financial institutions from around the world and one of only 11 Canadian financial institutions selected.
- CIBC was awarded the 2009 Outstanding Corporation Philanthropy Award by the Greater Toronto Chapter of the Association of Fundraising Professionals (AFP). The annual AFP Philanthropy Awards are a celebration of the outstanding contribution of time, leadership and financial support made by organizations and individuals who have shown excellence in encouraging the spirit of giving.
- CIBC was voted the "Best Consumer Internet Bank" in Canada with the "Best Online Consumer Credit Site" in North America for the second year in a row, according to Global Finance magazine in its 10th annual "World's Best Internet Banks" competition.
- CIBC was selected as a member of the Best 50 Corporate Citizens list for 2009 by Corporate Knights. The list was established in 2002 and this year marks CIBC's fifth time on the list since its inception.
- CIBC's Campus Recruitment Team was recognized by the University of Toronto's Rotman School of Management as the 2009 Rotman Student Choice Award Winner in the financial services category. CIBC was also named as the 2008 top employer for summer recruitment in the same category.
- CIBC was honoured with four 2009 mutual fund Lipper Awards and seven Lipper Certificates. CIBC took home the most individual trophy awards and tied for first place in the total number of awards and certificates combined.
- CIBC received the 2009 Edmonton Mayor's Celebration of the Arts Award for Innovative Support for the "CIBC Theatre for All" program. This annual event showcases Edmonton's arts community and celebrates vital partnerships between business and the arts.
- The 2008 debut of CIBC's covered bond program was named "Securitization Deal of the Year" by International Financial Law Review, an affiliate of Euromoney. The award recognizes CIBC's program as the most innovative and creative of all securitization deals done across the Americas in 2008, beating out nominated deals involving AIG and Banco Internacional del Peru (Interbank).
- CIBC was named one of this country's "Best Employers for New Canadians" for creating an inclusive workplace that allows newcomers to make the most of their skills and education in their new home. The editors of Canada's Top 100 Employers and representatives from the Toronto Region Immigrant Employment Council (TRIEC) made the announcement.
Enron
On December 22, 2003, the United States Security and Exchange Commission (SEC) fined CIBC US$80 million for its role in the manipulation of EnronEnron
Enron Corporation was an American energy, commodities, and services company based in Houston, Texas. Before its bankruptcy on December 2, 2001, Enron employed approximately 22,000 staff and was one of the world's leading electricity, natural gas, communications, and pulp and paper companies, with...
financial statements. This consists of $37.5 million to repay ill-gotten gains, a $37.5 million penalty and $5 million in interest. The money is intended to be returned to Enron fraud victims pursuant to the Fair Fund provisions of Section 308(a) of the Sarbanes-Oxley Act
Sarbanes-Oxley Act
The Sarbanes–Oxley Act of 2002 , also known as the 'Public Company Accounting Reform and Investor Protection Act' and 'Corporate and Auditing Accountability and Responsibility Act' and commonly called Sarbanes–Oxley, Sarbox or SOX, is a United States federal law enacted on July 30, 2002, which...
of 2002.
The SEC also sued three of CIBC's executives. CIBC Executive Vice President Daniel Ferguson and former CIBC Executive Director Mark Wolf agreed to settle for US$563,000 and US$60,000, respectively. Ian Schottlaender, former managing director in CIBC's corporate leveraged finance group in New York initially contested the charges but on July 12, 2004 he agreed to pay US$ 528,750 as well as be barred from serving as an officer or director of a publicly traded company for a period of five years. Under these agreements the individuals neither admit nor deny wrongdoing.
The SEC complaint charges that "CIBC and the three executives with having helped Enron to mislead its investors through a series of complex structured finance
Structured finance
Structured finance is a broad term used to describe a sector of finance that was created to help transfer risk and avoid lawsStructured finance is a broad term used to describe a sector of finance that was created to help transfer risk and avoid laws...
transactions over a period of several years preceding Enron's bankruptcy." The agreement reached between the SEC and CIBC permanently enjoins CIBC from violating the antifraud, books and records, and internal control provisions of the federal securities laws.
On August 2, 2005 CIBC paid US$2.4 billion to settle a class action lawsuit brought by a group of pension funds and investment managers, including the University of California, which claims that "systematic fraud by Enron and its officers led to the loss of billions and the collapse of the company."
Market timing
On July 25, 2005 CIBC confirmed it would pay US$125 million to settle an investigation into its role in the 2003 Mutual-fund scandal. Linda Chatman Thomsen, director of the SEC's division of enforcement, said, "by knowingly financing customers' late trading and market timing, as well as providing financing in amounts far greater than the law allows, CIHI and World Markets boosted their customers' trading profits at the expense of long-term mutual fund shareholders." Under the settlement, CIBC neither admits nor denies the allegations.Visa cardholders
On August 27, 2004 CIBC confirmed that it would settle a class-action lawsuit on behalf of CIBC Visa cardholders. The plaintiffs, represented by Paul Pape and Harvey Strosberg of the Toronto law firm Pape Barristers, alleged that the conversion of foreign-currency transactions resulted in an undisclosed or inadequately disclosed mark-up. After having been approved by an Ontario Superior Court judge, CIBC announced on October 15, 2004 that the settlement will result in the bank paying $13.85 million to its cardholders, $1 million to the United WayUnited Way of Canada
United Way of Canada is the national organization for the 117 autonomous, volunteer-based United Ways across Canada. United Way campaigns raise money for local groups that address community issues and problems, and the national organization provides leadership, services and coordination to the...
, $1.65 million to the Class Action Fund of the Law Society of Upper Canada (Ontario)
Law Society of Upper Canada
The Law Society of Upper Canada is responsible for the self-regulation of lawyers and paralegals in the Canadian province of Ontario, Canada. Founded in 1797, it is known in French as "Le Barreau du Haut-Canada"...
, and $3 million in legal fees. The bank also announced that it has not admitted any liability and is settling to avoid further litigation with its cardholders.
Voluntary refund of erroneous charges
On May 20, 2004 CIBC announced that it would refund $24 million to some of its customers as a result of erroneous overdraft and mortgage charges which were discovered in the course of an internal review. "This is being done as part of CIBC's effort to correct its error and to ensure that it distributes to customers all of the money it received in error," the bank said.In another similar incident, CIBC announced on April 27, 2006 that it's refunding an additional $27 million to about 200,000 clients who were overcharged for certain overdraft fees and other borrowing transactions, some of which date back to 1993. In cases where clients were undercharged, the bank decided not to seek reimbursement.
2005
On April 18, 2005 the Privacy Commissioner of CanadaPrivacy Commissioner of Canada
The Privacy Commissioner of Canada is a special ombudsman and an officer of parliament who reports directly to the House of Commons and the Senate....
expressed disappointment in the way CIBC dealt with incidents involving the bank misdirecting faxes containing customers' personal information. One involved misdirecting faxes to a scrap yard operator in West Virginia from 2001 to 2004. The misdirected faxes contained the social security numbers, home addresses, phone numbers, and detailed bank account data of several hundred bank customers.
The second incident involved a Dorval businessman and allegedly took place from 2000 to 2004. In both cases, the commissioner noted that the bank did not inform the affected clients, whose personal information was compromised, until the incidents became public and an investigation was underway.
A few days after the story broke on CTV News
CTV News
CTV News is the news division of the CTV Television Network in Canada. The name CTV News is also applied as the title of local and regional newscasts on the network's owned-and-operated stations , which are closely tied to the national news division...
and The Globe and Mail
The Globe and Mail
The Globe and Mail is a nationally distributed Canadian newspaper, based in Toronto and printed in six cities across the country. With a weekly readership of approximately 1 million, it is Canada's largest-circulation national newspaper and second-largest daily newspaper after the Toronto Star...
, CIBC announced that it had banned its employees from using fax machines to transmit any documents containing confidential customer information.
2007
On January 18, 2007 CIBC Asset Management announced that the personal information of about 470,000 current and former clients of Talvest Mutual Funds, a CIBC subsidiary, had gone missing. The information may have included client names, addresses, signatures, dates of birth, bank account numbers, beneficiary information and/or Social Insurance Numbers. The incident emanated from the disappearance of a hard drive containing information on "the process used to open and administer" customer accounts as it was traveling between the bank's Montreal and Toronto offices. The Privacy Commissioner of CanadaPrivacy Commissioner of Canada
The Privacy Commissioner of Canada is a special ombudsman and an officer of parliament who reports directly to the House of Commons and the Senate....
stated, "Although I appreciate that the bank notified us of this incident and that it is working cooperatively with my Office, I am nevertheless deeply troubled, especially given the magnitude of this breach, which puts at risk the personal information of hundreds of thousands of Canadians." She immediately launched a privacy investigation.
Employee overtime
In June 2007, CIBC was named in a $600 million class-action lawsuit regarding the lack of overtime pay to its customer service staff. The case was recently dismissed by Madam Justice Joan Lax of the Ontario Superior Court where she stated the evidence "provides no basis in fact that there is a systemic practice of unpaid overtime at CIBC." The lawsuit was originally launched by Dara Fresco, a head teller at the bank, who was being represented by the law firms Roy Elliot Kim O'Connor LLP and Sack Goldblatt Mitchell LLP.Significant buildings occupied
- Commerce CourtCommerce CourtCommerce Court is a complex of four office buildings on King- and Bay-streets in the financial district of Toronto, Ontario, Canada, The main tenant is the Canadian Imperial Bank of Commerce...
- Tour CIBCTour CIBCLa Tour CIBC is a forty-five-storey skyscraper in Montreal, Quebec. With the communications antenna on the roof, the total height is . The International Style office tower was built by Peter Dickinson, Ross, Fish, Duschenes and Barrett and was the city's tallest building from 1962 to 1963...
- 2 Bloor Street West2 Bloor Street WestTwo Bloor West, is an office building at the intersection of Yonge Street and Bloor Street in Toronto, Ontario, Canada. It is sometimes referred to as Toronto's CIBC building, but that name can also refer to Commerce Court....
- CIBC 750 LawrenceCIBC 750 LawrenceCIBC 750 Lawrence is a two tower complex in Toronto, Ontario, Canada, built in the early 1980s. It is part of CIBC's head office operations outside of Commerce Court and the main quarters of CIBC Credit Card Services, including Visa call centres. The Visa call centre is a member of the Steel...
- Bankers Hall EastBankers HallBankers Hall is a building complex located in downtown Calgary, Alberta, which includes twin 52-storey office towers , designed by the architectural firm Cohos Evamy in postmodern architectural style....
- Bell Trinity Square
- Brookfield Place