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Canadian Imperial Bank of Commerce

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Canadian Imperial Bank of Commerce
Banque Canadienne Impériale de Commerce
Company typePublic
TSX: CM
NYSE: CM
IndustryFinancial Services
FoundedToronto, Ontario, 1867
HeadquartersToronto, Ontario, Canada
Key people
Gerald T. McCaughey,
Chief Executive Officer
RevenueIncrease $14.16 Billion CAD (2008)
Decrease $2.04 Billion CAD (2008)
Total assets$353.93 Billion CAD (2008)
Number of employees
40,457 (2008)
Websitehttp://cibc.com/

The Canadian Imperial Bank of Commerce (in French, Banque Canadienne Impériale de Commerce, and commonly CIBC in either language) is one of Canada's chartered banks, fifth largest by deposits. The bank is headquartered at Commerce Court in Toronto, Ontario.

CIBC also operates in the United States, the Caribbean, Asia and the United Kingdom, and serves more than eleven million clients and has more than 40,000 employees worldwide. The company ranks at number 159 on the Forbes Global 2000 listing.[1]

Current Operations

La Tour CIBC from the east in downtown Montreal.

Company Divisions

CIBC has two strategic business units:

The functional groups that provide support across CIBC are:

  • Risk Management
  • Administration Division
  • Corporate Development
  • Technology and Operations
  • Finance

Operational Facts

  • Total Employees (worldwide): 42,457
  • Total Branches (Canada): 1,048
  • Total ATMs (Canada): 3,700
  • As of October 31, 2007, CIBC had assets of $342 billion
  • Market capitalization of $34.2 billion.
  • Revenue as of October 31, 2007 was $12.1 billion.
  • Net income for the year ended October 31, 2007 was $3.3 billion or $9.21 per share.
  • The CIBC group of companies contributed more than $36 million worldwide to charitable organizations and community initiatives. Of this, more than $27 million was invested in Canada, including more than $20 million in charitable donations, to support a wide variety of national, regional and local organizations in the areas of health, education, community, arts and culture, the environment and the United Way.

Memberships

CIBC is a member of the Canadian Bankers Association (CBA) and registered member with the Canada Deposit Insurance Corporation (CDIC), a federal agency insuring deposits at all of Canada's chartered banks. It is also a member of:

History

A CIBC branch in Toronto.

In 1867 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. Imperial Bank of Canada opened a few years later in 1875, also in Toronto. Imperial Bank a foreign exchange office in New York in 1875 Canadian Bank of Commerce opened a branch in London in 1901.

The oldest component of CIBC's many ancestor banks is the Halifax Banking Company founded in 1825 by Enos Collins.

In 1961 the two banks merged to form the Canadian Imperial Bank of Commerce and in 1962, opened a major new banking centre in Montreal, Quebec with the construction of the CIBC building.

CIBC was the first Canadian bank to introduce bank machines, with the Automated Cash Dispenser in 1969. In 1988 CIBC moved into the investment market by purchasing Wood Gundy Inc. In 1997 it did the same in the United States by purchasing Oppenheimer & Co..

Besides its Canadian operations, CIBC has operations globally. CIBC opened a branch in Asia (Hong Kong) in 1970. CIBC National Bank was established in the U.S. in 1999.

Along with Loblaws, CIBC helps operate President's Choice Financial, started in 1996.

CIBC and the Great Wars

During World War I and II, staff from the Canadian Bank of Commerce enlisted in the war effort:

Staff enlistment for:

  • World War I - 1,701
  • World War II - 2,300

A War Memorial at Commerce Court in Toronto, Ontario commemorates their sacrifice.

Mergers

Halifax Banking Company - 1903 Established in 1825 by Enos Collins with Hon. Henry H Cogswell as President from 1825-1834:

Gore Bank Formed in 1836 and merged with the Commerce in 1870:

Eastern Townships Bank Formed in 1859 and merged with the Commerce in 1912:

Bank of British Columbia Established with a Royal Charter in 1862 and merged with the Commerce in 1901:

Merchants Bank of Prince Edward Island Formed 1856 and merged with the Commerce in 1906:

Bank of Hamilton merged with the Commerce in 1924.

The Standard Bank of Canada(1872-1876), merged with the Commerce in 1928.

Imperial Bank of Canada

CIBC 1961

  • Canadian Bank of Commerce 1867-1961
  • Imperial Bank of Canada 1875-1961
  • Wood Gundy Incorporated 1988 - forming CIBC Wood Gundy and renamed CIBC World Markets.
  • TAL Private Management 1994-2005 - formerly Timmins and Associates Ltd, merged with CIBC Investment Management Corporation in 1994, named changed to TAL Global Asset Management Incorporated in 1998 and finally full acquired by CIBC in 2001. Rename to CIBC Asset Management effective January 1, 2006.

CIBC in the Caribbean

In 1920, Canadian Bank of Commerce established its first branches in the West Indies in Bridgetown, 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.[2]

Corporate Governance

Bank Executives

  • Gerald T. McCaughey - President and CEO
  • Sonia Baxendale - Senior Executive Vice-President, CIBC Retail Markets
  • Ron Lalonde - Senior Executive Vice-President, Administration, Technology & Operations
  • Richard E. Venn - Senior Executive Vice-President, Corporate Development
  • Tom Woods - Senior Executive Vice President and Chief Risk Officer, CIBC
  • Mike Capatides - Senior Executive Vice-President and General Counsel
  • Richard Nesbitt - CEO, CIBC World Markets

Current members of the board of directors of the company are:

Significant CIBC Buildings

References

  • A History of the Canadian Bank of Commerce by Victor Ross (1920-1934)
  1. ^ Forbes Global 2000 List, 2008 edition
  2. ^ Broad Street News
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