The Canadian Imperial Bank of Commerce
was formed as a result of a merger between two of the largest banks in Canadian history – the Canadian Bank of Commerce and the Imperial Bank of Canada, both of which were established in the late 1800's. Thus, the full history of the Canadian Imperial Bank of Commerce spans more than two centuries, to a time when the Canadian banking industry was first being established. The bank currently provides a plethora of financial products and services to more than 11 million customers, including small businesses, large corporations and institutions, through two main operating divisions – CIBC Retail Markets and Wholesale Banking. CIBC
has more than 41,000 employees in more than 1,000 branches that are trained to help customers achieve their banking goals as efficiently as possible.
During the 2009 fiscal year the bank brought in $9.9 billion in revenue, with a net income of $1.2 billion. The amount of market capitalization was $23.8 billion, and the tier capital ratio was approximately 12% . Aside from the 1,069 branches the bank had over 3,800 automated banking machines (ABMs), approximately 1,500 of which are 'Access for All' machines that can be utilized by people with third-party banking needs. During the 2009 fiscal year, the GIBC group of companies was directly responsible for the contribution of more than $27 million to charitable and non-profit organizations within Canada, $20 million of the donations were given to charities that support an array of local and regional organizations that have a strong focus on the education and betterment of youth.
CIBC Products and Services
The CIBC Retail Markets consist of business banking, personal banking, and wealth management products and services. This sector of the Canadian Imperial Bank also is responsible for providing financial management and investment management services to clients from Canada to Hong Kong, Singapore, and many places between. The CIBC Retail Markets also offer a full range of financial products and services to 17 regional markets in the Caribbean through the FirstCaribbean International Bank. The CIBC retail division offers home loans, personal loans, personal checking/savings, mortgages, credit cards
, insurances and other retail banking products and services to millions of customers throughout Canada and other key markets.
Through its partnership with Loblows called President’s Choice Financial
(PC Financial), CIBC offers low-cost banking, residential mortgages, competitive mortgage rates, and personal loans. PC Financial also offers very competitive insurance products like car insurance and home insurance. Through its own brand CIBC offers checking and savings accounts, mortgages, mutual funds, lines of credit, RRSP accounts.
CIBC World Markets
CIBC World Markets is the wholesales division of the bank, supporting the CIBC's objective of becoming a premier Canadian-based wholesale banking providing a diverse range of investment banking, capital markets, merchant banking, credit, and research products and services to institutional, corporate, government and retail clients throughout Canada and other key international markets. The world markets division of CIBC is committed to offering corporate customers and investors the highest level of service available in the Canadian banking industry, and through various brands, products and services the bank successfully does this year after year.
Canadian Imperial Bank of Canada has consistently been one of the largest banks in Canada
. The CIBC
also has a significant presence in the Caribbean and parts of South America, making it unique amongst Canadian banks. Through the aforementioned products and services the bank continues to provide quality support and financial stability to clients around the world. The bank continues to build new branches and expand their outreach to key markets in South America, the Caribbean, and parts of Asia including Honk Kong and Singapore. Up until recent years, it was the second largest bank in Canada, and with its current practices it is likely that the bank will remain in the 'Big Five' list of banks for quite some time to come.
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