Canadian Imperial Bank of Commerce (CIBC) is a global financial institution with its headquarters in Toronto, Canada.
The bank operates under four strategic business units:
- Canadian Personal and Business Banking: Provides financial advice, products and services to individuals and business entities across Canada. The benefits are provided through direct or remote channels and CIBC Banking Centres.
- Canadian Commercial Banking and Wealth Management: This unit provides banking and wealth management services to entrepreneurs, medium scale companies and high-net-worth individuals across the country. The bank caters to various institutional investors and provides asset management services.
- US Commercial Banking and Wealth Management: The institution provides commercial banking to individuals and small business, mid-corporate companies, high-net-worth families and private wealth services.
- Capital Markets: Under this unit, the bank provides investment banking and corporate banking solutions, integrated products and services, and high-quality research to government, commercial and institutional clients across the globe.
The bank's history dates back to May 15, 1867, with the founding of the Canadian Bank of Commerce.
In 1961, two chartered banks, Imperial Bank of Canada (established in 1875) and Canadian Bank of Commerce, were merged to form the Canadian Imperial Bank of Commerce. The bank a global presence with offices across Canada and in major cities, including New York, Houston, London and Hong Kong.
CIBC provides different kind of insurance plans like medical insurance, creditor insurance and comprehensive travel insurance etc. The bank also provides credit cards for various users, including Travel Reward Cards, Aeroplan Cards, Cash back and Business Cards, No Fee and Low-Interest credit cards.
The bank claims to have one of the largest ATM networks across Canada and provides signing up for bank accounts in under five minutes through online or offline mode.
With the help of CIBC's mobile app, the customers can efficiently manage their accounts, check balance, pay bills and deposit e-cheques. The website allows the customer to locate nearby bank or ATMs.
In 1984, CIBC reportedly became the first bank to offer a flexible mortgage payment plan to customers with an option to either pay monthly, semi-monthly, bi-weekly or weekly.
The bank launched its mobile banking app for iPhone users in 2010.
The financial institution is reportedly the first Canadian-headquartered bank to be a signatory of the UK Women in Finance Charter in 2016. The bank aims to include 35 to 40 per cent women in board-approved executive roles by 2022.
The bank also provides summer programs for students and graduates.