The Canadian Imperial Bank of Commerce is one of the big five Canadian banks. The Canadian Imperial Bank of Commerce is also known as CIBC. CIBC head office is located in Toronto, Ontario. CIBC is the fourth largest Canadian bank. CIBC has over 37,000 employees in its offices in US, UK, Asia and Caribbean region. CIBC is a registered member with the Canada Deposit Insurance Corporation and a member of the Canadian Bankers Association.
CIBC opened for business in Toronto, Ontario in 1867 under the name Canadian Bank of Commerce. In 1875 the Imperial Bank of Canada was opened in Toronto. Almost a century later the two banks merged and formed the Canadian Imperial Bank of Commerce.
CIBC will remain in the Canadian banking history as the first bank that introduced bank machines with automated cash dispenser.
CIBC is a major international bank with presence in many regions and countries over the world. In 1999 CIBC established CIBC National Bank in US. Before that the bank has a long history doing foreign exchange business in New York. The CIBC has a strong banking presence in the Caribbean region too.
In 1996 CIBC established a financial joint-venture with Loblaw Companies Limited called President’s Choice Financial. President’s Choice Financial is a ever-growing successful financial venture, which provides low-cost banking services to millions of Canadians.
In the late 1990s CIBC attempted to merge with TD Bank (Toronto-Dominion Bank), but this merger was blocked by the Canadian government.
CIBC has 3 main divisions – CIBC Retail Markets, CIBC Wealth Management, and CIBC World Markets. ALSO CIBC has over 37,000 employees, 1,100 Canadian branches and 4,400 ABM in Canada.