What is Canadian Imperial Bank of Commerce?
The Canadian Imperial Bank of Commerce or CIBC
as it is more commonly called is the fifth largest bank in terms of deposits. It is one of the Chartered banks in Canada. It has its headquarters at Toronto, Ontario.
The Canadian Imperial Bank of Commerce not only operates in Canada but also has operations in the United States of America, Asia, the Caribbean Islands and the United Kingdom. It has a huge client base serving more than eleven million clients all over the world. Not only is its client base huge, it also employees over 40,000 employees all over the world. The total assets of the company are valued at over $353.93 billion.
The Canadian Imperial Bank of Commerce has two basic strategic business units. The first is the CIBC Retail Markets and the second is the CIBC World Markets. There are several units which provide support across the CIBC. These units are also referred to as functional groups. The various functional groups are Administration Division, Risk Management
, Corporate Development, Finance and Technology and Operations.
Administration takes care of Human Resources
, Internal Audit, Legal, Corporate Security, Public Affairs, etc. the function of the Risk Management division is to make sure that the risk appetite of the CIBC is set. It should also have a strategy to overcome any problem that arises within or outside the company. The Corporate Development division takes care of long term planning and the strategic planning process of the CIBC. The Finance department provides financial services whereas the Technology and Operations department functions to enhance the technology used.
The bank has over a 1000 branches in Canada with more than 3700 ATMís. The CIBC group of companies does a lot of good to the society. It donates up to $36 million to charitable organizations. Of this $36 million, more than $27 million was invested in Canada. Of the $27 million, around $20 million was spent to support t whole wide range of activities including education, health, arts and culture, environment and community.
The Canadian Imperial Bank of Commerce is a member of the Canadian Bankers Association. It is also registered with the Canada Deposit Insurance Corporation. The CIBC also happens to be a member of Interac, VISA International Network, Plus Network and Aeroplan Rewards.
In the year 1969, the Canadian Imperial Bank of Commerce was the first bank in Canada to introduce bank machines. These bank machines had automated cash dispensers. In the year 1988, the bank moved into the investment market after the purchase of Wood Gundy Inc in Canada. It did the same thing in the United States of America in the year 1997 when it purchased Oppenheimer and Co.
The CIBC provides its customers a wide range of services and hence is one of the largest banks in Canada. It was ranked 159 in the Forbes list of Global 2000. The bank not only caters to the needs of large organizations but also provides all the facilities needed by small organizations and individuals.