Canadian Imperial Bank of Commerce facts for kids
 |
|
Headquarters at CIBC Square
|
|
| Public | |
| Traded as | |
| Industry | |
| Predecessors |
|
| Founded | June 1, 1961 |
| Headquarters |
,
Canada
|
|
Key people
|
|
| Brands | CIBC Bank USA Simplii Financial |
| Revenue |  Can$23.3 billion (2023) |
 Can$5.0 billion (2023) |
|
| AUM | Can$300.2 billion (2023) |
| Total assets | Can$975.7 billion (2023) |
| Total equity | Can$53.2 billion (2023) |
|
Number of employees
|
48,000 (FTE, 2023) |
| Subsidiaries |
|
The Canadian Imperial Bank of Commerce (CIBC) is a large Canadian bank. It offers many financial services to people and businesses around the world. Its main office is in Toronto, Ontario, Canada.
CIBC was created in 1961. This happened when two older banks, the Canadian Bank of Commerce (started in 1867) and the Imperial Bank of Canada (started in 1873), joined together. This was the biggest bank merger in Canadian history at the time. CIBC is one of Canada's "Big Five" banks.
The bank has different parts that help its customers. These include banking for people and small businesses in Canada, and services for larger businesses and investments. CIBC also works in other countries like the United States, the Caribbean, Asia, and the United Kingdom. It serves over eleven million customers and has more than 40,000 employees worldwide.
Contents
History of CIBC
How CIBC Started
The Canadian Bank of Commerce opened in Toronto on May 15, 1867. It was founded by William McMaster. By 1874, it had 24 branches. The Imperial Bank of Canada started in Toronto on March 18, 1875. It was founded by Henry Stark Howland.
By 1895, the Canadian Bank of Commerce had 58 branches. The Imperial Bank of Canada had 18 branches. In 1896, gold was found in the Yukon. The government asked the Canadian Bank of Commerce to open a branch in Dawson City.
Wood, Gundy & Company started in 1905. This company later became part of CIBC's investment banking business. During World War I, it helped organize "Victory Loans." These loans helped fund the war effort.
In the 1920s, the Canadian Bank of Commerce grew a lot. It bought other banks and had over 700 branches across Canada. It also opened branches in other countries like Cuba, Jamaica, Barbados, and Trinidad.
In 1931, the Canadian Bank of Commerce opened its new main office in Toronto. This building was 145 meters (476 feet) tall. It was the tallest building in the Commonwealth until 1962. In 1936, the Commerce was the first Canadian bank to offer personal loans. After World War II, banks started offering mortgages again. This helped people buy new homes.
After the Banks Merged
In 1960, the leaders of the Imperial Bank and the Canadian Bank of Commerce decided to merge. They wanted to combine their strengths. On June 1, 1961, the two banks officially became the Canadian Imperial Bank of Commerce. The new bank had over 1,200 branches. It became the largest bank in Canada.
In 1964, CIBC even had a floating bank branch. It was on a boat called MV Jean Brilliant. This boat served customers along the St. Lawrence River in Quebec. In 1967, CIBC had a branch at Expo 67, a big world fair.
Around this time, computers began to change banking. CIBC was one of the first banks to use computers to update customer accounts. They also introduced the first 24-hour cash machine. This machine later became known as the ATM.
After the merger, CIBC built a new main office in Toronto. It was called Commerce Court. The main building, Commerce Court West, was completed in 1973. It was 57 stories tall and was the tallest building in Canada at the time.
In 1987, new rules allowed banks to offer more services. CIBC was the first Canadian bank to open an investment dealer. This allowed them to offer investment services to the public. In 1988, CIBC bought most of Wood Gundy. This company was well-known for helping businesses raise money. They combined it with CIBC Securities to form CIBC Wood Gundy.
In 1992, CIBC started automated telephone banking. In 1995, they launched their website. Soon after, they began offering banking services online. In 1998, CIBC worked with Loblaws to create President's Choice Financial. This offered banking services in grocery stores.
In 1998, CIBC tried to merge with the Toronto-Dominion Bank. However, the Canadian government stopped this merger. They felt it was not in the best interest of Canadians.
21st Century Changes
In the early 2000s, CIBC focused more on its main banking business. It sold off some of its other investments. For example, it sold its share in the Toronto Blue Jays baseball team in 2000.
In 2006, CIBC took full control of FirstCaribbean International Bank. This bank operates in the Caribbean. It was later renamed CIBC FirstCaribbean International Bank in 2011.
In 2010, CIBC launched the first mobile banking app for iPhone in Canada. This allowed customers to do banking on their phones. They also bought a large credit card business from Citigroup. Later that year, CIBC was the first bank in Canada to offer a Visa-branded debit card.
In 2016, CIBC announced it would buy a bank in Chicago called PrivateBancorp. This deal was completed in 2017. PrivateBancorp then changed its name to CIBC Bank USA.
In 2017, CIBC announced it would move its main office to a new building in Toronto. This new building is called CIBC Square. CIBC officially moved its headquarters there on November 1, 2021.
Acquisitions
| Canadian Imperial Bank of Commerce |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
CIBC Around the World
North America
CIBC has several operations in North America.
- CIBC Mellon Global Securities Services: This company helps manage investments for other businesses.
- CIBC Bank USA: This is CIBC's bank in the United States. It helps businesses and people with their banking needs. Its main office is in Chicago.
- Simplii Financial: This is an online-only bank owned by CIBC. It was created in 2017. It took over the banking services previously offered under the President's Choice Financial brand.
Caribbean Operations
CIBC has a long history in the Caribbean. In 1920, the Canadian Bank of Commerce opened its first branches there. These were in places like Bridgetown, Barbados, and Kingston, Jamaica. It also opened branches in Port of Spain, Trinidad, and Havana, Cuba.
Over the years, CIBC expanded its network in the Caribbean. In 2001, CIBC and Barclays combined their Caribbean operations. This created FirstCaribbean International Bank. In 2006, CIBC bought Barclays' share. This gave CIBC control of the bank. It was later renamed CIBC FirstCaribbean International Bank.
Sponsorships and Partnerships
CIBC has been involved in many sponsorships. It was a founding partner of the Toronto Blue Jays baseball team. It was their "official bank" until 2000.
CIBC was also a lead partner for the 2015 Pan American Games and 2015 Parapan American Games in Toronto. You might have seen their logo at these events.
CIBC has partnered with other Canadian companies. For example, it works with Petro-Canada on a rewards credit card. For many years, CIBC was the main issuer of credit cards for Aeroplan, a loyalty program for Air Canada. CIBC also partners with Parkland Corporation on its Journie Rewards program for gas stations.
CIBC USA, which used to be Privatebank, is a sponsor of the Chicago Fire FC soccer team.
See also
- Big Five (banks)
- List of largest banks
- List of banks and credit unions in Canada
- List of banks in the Americas
- CIBC Wealth Management
Images for kids
-
A Canadian Bank of Commerce branch in Dawson City, 1899.
-
Bank of Commerce Tower (renamed Commerce Court North), was built as the headquarters for the Canadian Bank of Commerce.
-
Commerce Court West from Front and Bay Street. The building was used as CIBC's head office from 1973 to 2021.
-
Logo of CIBC, 2001-2021
-
Head office for FirstCaribbean International Bank in 2010, a year before the bank was re-branded under CIBC.
-
Construction for CIBC's new headquarters, CIBC Square in Toronto, September 2018.
-
120 South LaSalle in Chicago serves as the headquarters for CIBC Bank USA.
-
CIBC FirstCaribbean International Bank branch in Bridgetown, Barbados.
-
A billboard featuring CIBC's logo at a gymnastics event at the 2015 Pan American Games.
_p132_DWASON,_CANADIAN_BANK_OF_COMMERCE.jpg)
.JPG)
