CIBC - Canadian Imperial Bank of Commerce

The Canadian Imperial Bank of Commerce offer a full array of financial products and services, including mortgages, credit cards, lines of credit and loans, insurance products, and more. The bank is a Canada-based financial establishment running two key businesses, Wholesale Banking and CIBC Retail Markets and is one of the big 5 Canadian banks. CIBC has over 42,000 employees, close to eleven million clients, and a market capitalization of $30.7 billion as of last year. CIBC is a registered member with the Canada Deposit Insurance Corporation and a member of the Canadian Bankers Association. 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.

To its individual clients, the bank offers financial products that help them plan for retirement, manage debt, and buy a home, thus meeting their financial goals. Clients of the bank can open a savings or checking account and look at the variety of student banking, youth banking, senior banking, and newcomers banking offers. Checking accounts come in several varieties, featured with unlimited transactions, low everyday banking fees, and other benefits. Savings accounts allow clients to earn high interest, competitive interest, interest on every dollar, or they can deposit their savings in US dollars. The bank also offers credit cards intended for customers from every walk of life. Clients of the bank can choose from cashback cards, travel rewards cards, student cards, everyday cards, and more.
Those who seek to take out a loan will find out that the bank offers funds for debt consolidation, home renovation, buying a car, paying for education, and a lot more. Clients can choose from a variety of personal loans that suit their budget and payment schedule of choice. They can opt for the CIBC Personal Car Loan, CIBC Personal Loan, CIBC RRSP Maximizer Loan, and other loan types. The Canadian Imperial Bank of Commerce also offers mortgages to clients who seek to buy their first or next property. Persons who have an existing mortgage may choose to move it to the CIBC, use their home equity, or renew their mortgage loan. The bank offers both variable rate and fixed rate mortgages.

To its business clients, the Canadian Imperial Bank of Commerce offers day-to-day banking services, including business and customized accounts, business credit cards and loans, investment and wealth products, such as retirement planning and investment solutions, and other financial services. Clients may open a business operating account with the bank, opt for a business interest account, or open an account in US dollars. The bank also offers cash management services, from tax filing to account management and payment processing. Business clients can take advantage of the bank’s borrowing solutions as well, including mortgages, business loans, government supported programs, and credit cards. The bank offers two types of mortgages – CIBC Commercial Mortgages and the CIBC Self-Employed Recognition Mortgage. Clients who apply for a commercial mortgage can expect funds in the amount of $250,000 to $25 million. Mortgage loans are offered with competitive interest rates, and business clients can choose between a variable rate commercial mortgage and a fixed-rate closed first mortgage. The CIBC Self-Employed Recognition Mortgage is intended for clients who are self-employed and seek to buy a home. Mortgage product options and approval criteria are flexible. Clients are not required to present proof of income in case all of it comes from their business. Credit cards are also offered to business clients, helping them make purchases, manage expenses, and give their business the necessary flexibility. In addition, clients of the CIBC can apply for financing under government supported programs, including the Business Credit Availability Program, Canada Small Business Financing Program, and more.

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.

Finally, investment and wealth products help clients meet their personal and business goals and invest. Clients can choose from a variety of investment products such as CIBC managed portfolio services, guaranteed investment certificates, CIBC trust personal portfolio services, and others. The bank’s retirement planning services help clients build a portfolio, take advantage of their RRSPs, diversify, and set retirement goals.