![]() In 1964, the bank operated a floating branch using the passenger vessel MV Jean Brilliant along the north shore of the St. ![]() The new bank possessed the greatest resources and the most branches of any bank in the country. On June 1, 1961, the Canadian Bank of Commerce and the Imperial Bank of Canada merged to form the Canadian Imperial Bank of Commerce with over 1,200 branches across Canada. They quickly reached a deal between the two banks. This followed a decade of expansion in the Canadian economy and Canada's capitalization of the industrialization of its natural resources. In 1960, Imperial chairman Stuart Mackersy approached Neil McKinnon, the president of the Commerce, with a proposal to merge the two banks. So, in 1954, Canadian banks started offering mortgages for new construction. Although the banks had been barred from the mortgage business in 1871, the Canadian government now called upon them to provide mortgage services. Following World War II, both banks opened new branches. In 1936, the Commerce was the first Canadian bank to establish a personal loans department. At a height of 145 metres (476 ft), the building was the tallest building in the Commonwealth from its completion in 1931 to 1962, with the completion of CIBC Tower in Montreal.īank of Commerce Tower (renamed Commerce Court North), was built as the headquarters for the Canadian Bank of Commerce. An observation gallery on the 32nd floor attracted visitors who could get an aerial view of the city. The Canadian Bank of Commerce opened its new head office in Toronto in 1931. During World War I, it took a prominent and active role in the organization of Victory Loans.Īcquisitions in the 1920s caused the Commerce Bank to become one of the strongest branch networks in Canada with over 700 local branches and the bank opened international branches in Cuba, Jamaica, Barbados and Trinidad during the same period. Wood, Gundy & Company, the precursor of CIBC's investment banking arm, opened its doors on February 1, 1905. The 1896 gold strike in the Yukon prompted the Dominion Government to ask the Canadian Bank of Commerce to open a branch in Dawson City. ![]() By the end of 1895, the Canadian Bank of Commerce had grown to 58 branches and the Imperial Bank of Canada to 18. The Imperial Bank of Canada opened in Toronto on March 18, 1875, founded by former Commerce Vice-president Henry Stark Howland. William McMaster founded the Canadian Bank of Commerce which opened on May 15, 1867, in Toronto as competition for the Bank of Montreal by 1874 it had 24 branches. ![]() ĬIBC's Institution Number (or bank number) is 010, and its SWIFT code is CIBCCATT.Ī Canadian Bank of Commerce branch in Dawson, 1899. The company ranks at number 172 on the Forbes Global 2000 listing. Globally, CIBC serves more than eleven million clients, and has over 40,000 employees. It has international operations in the United States, the Caribbean, Asia, and United Kingdom. Commercial Banking and Wealth Management, and Capital Markets. The bank has four strategic business units: Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. It is one of two "Big Five" banks founded in Toronto, the other being the Toronto-Dominion Bank. The Canadian Imperial Bank of Commerce was formed through the 1961 merger of the Canadian Bank of Commerce (founded in 1867) and the Imperial Bank of Canada (founded in 1873), in the largest merger between chartered banks in Canadian history. The Canadian Imperial Bank of Commerce ( CIBC French: Banque canadienne impériale de commerce) is a Canadian multinational banking and financial services corporation headquartered at CIBC Square in the Financial District of Toronto, Ontario.
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