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One of Canada’s 5 largest banks: Canadian Imperial Bank of Commerce (CM) (1867)

Canadian Imperial Bank of Commerce (NYSE: CM, TSX: CM) referred to as CIBC, was founded in 1867, and its history can be traced back to 1825, the HALIFAX BANKING COMPANY, headquartered in Canada Toronto, with 43,815 full-time employees, is Canada’s fifth largest commercial bank (see below for the five largest Canadian banks).

Canadian Imperial Bank of Commerce CIBC CM Logo

Canadian Imperial Bank of Commerce: Canadian Imperial Bank of Commerce (CM):

The Canadian Imperial Bank of Commerce was merged into the current Canadian Imperial Bank of Commerce in 1961 through the merger of the Canadian Bank of Commerce (the early overseas Chinese in Canada called it Cardinal Bank) and the Canadian Imperial Bank (the early Canadian overseas Chinese called it Ampai Road Bank). Before that, the two of them were Canada’s largest banks.

CIBC currently has businesses in the United States, the Caribbean, Asia Pacific and the United Kingdom. Banks provide customers with a series of financial services such as daily financial management, lending and credit, investment, financial advice, and insurance.

Today, the Canadian Imperial Bank of Commerce has developed into one of the largest banks in North America, with 1,125 branches, representative offices, agencies and affiliates in 13 countries and regions including the United States, the United Kingdom, and Switzerland. The main business includes being responsible for providing comprehensive banking services to Canadian consumers, farmers and commercial customers, and providing banking services to customers in the West Indies of the bank and private customers around the world, and passing through 50 banks in Canada, London, New York and Tokyo. A trading room for various financial instrument transactions.

Canada’s five largest banks : Royal Bank of Canada , Toronto-Dominion Bank Financial Group , Scotiabank, Bank of Montreal ( Bank of Montreal ), Canadian Imperial Bank of Commerce .

CIBC (CM) acquisitions and mergers:

  • In April 1977, CIBC acquired 40% of the shares of Sydney Martin Group Limited in Australia;
  • In August 1974, the Canadian Imperial Bank of Commerce acquired the Trinidad Limited Commercial Trust Company Bank;
  • In September 1974, the Canadian Imperial Bank of Commerce annexed the Tobago Limited Commercial Trust Company Bank;
  • In 1977, CIBC acquired 40% of the French privately-owned Bank of Saint-Pierre
  • In 1978, the Canadian Imperial Bank of Commerce acquired 40% of Miquelon Bank;
  • In April 1978, acquired 51% of the shares in the Canadian Imperial Bank of Commerce, a newly established investment bank in London;
  • In 1987, according to the relevant federal and provincial regulations, the separation of banks, investors, trust companies and insurance companies was ended. CIBC quickly took advantage of this and became the first investment market maker in Canada. CIBC Securities provided services to the public;
  • In 1998, CIBC acquired a majority stake in Wood Gundy;
  • In 1998, the Canadian Imperial Bank of Commerce agreed to merge with Toronto-Dominion Bank , but was rejected by the Canadian government;
  • In October 2006, CIBC sold its corporate and purchased credit card business to US Bank Canada ;
  • In 2006, the company’s trading code on the NYSE was changed from BCM to CM;
  • In December 2006, CIBC acquired a majority stake in the publicly held joint venture FirstCaribbean International Bank ( acquired 43.7% stake from Barclays Bank ) for approximately US$1 billion ;
  • In June 2010, the Canadian Imperial Bank of Commerce acquired Citibank Canada Master Card business under Citigroup for 2.1 billion Canadian dollars ;
  • In April 2013, CIBC acquired Atlantic Trust under Invesco for USD 210 million ;
  • On June 29, 2016, the Canadian Imperial Bank of Commerce acquired PrivateBancorp, Inc., the Bank of Chicago in the United States, for US$3.8 billion .
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