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Canadian Imperial Bank of Commerce
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 Toronto's Financial District. 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. It is one of two "Big Five" banks founded in Toronto, the other being the Toronto-Dominion Bank.
The bank has four strategic business units: Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, and Capital Markets. It has international operations in the United States, the Caribbean, Asia, and United Kingdom. CIBC serves more than eleven million clients globally, and employs over 40,000 people. The company ranks at number 172 on the Forbes Global 2000 listing.
CIBC's Institution Number (or bank number) is 010, and its SWIFT code is CIBCCATT.
The Imperial Bank of Canada was founded in Toronto in 1873 by Henry Stark Howland. The bank set up its offices in the Exchange Building on Wellington Street, where it remained until 1936. That year, it moved to a new building at the corner of King and Bay, where CIBC would build Commerce Court West in 1973. Imperial acquired several banks, including the Niagara District Bank (1875), and Weyburn Security Bank (1931), and the Canadian operations of Barclays (1956). After the end of World War II, Imperial was the country's fifth-largest bank, with assets under administration of approximately $270 billion.
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. The Imperial Bank of Canada opened in Toronto on March 18, 1875, founded by former Commerce Vice-president Henry Stark Howland. By the end of 1895, the Canadian Bank of Commerce had grown to 58 branches and the Imperial Bank of Canada to 18. 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.
Wood, Gundy & Company, the precursor of CIBC's investment banking arm, opened its doors on February 1, 1905. During World War I, it took a prominent and active role in the organization of Victory Loans.
Acquisitions 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.
The Canadian Bank of Commerce opened its new head office in Toronto in 1931. An observation gallery on the 32nd floor attracted visitors who could get an aerial view of the city. At a height of 145 metres (476 ft), it was the tallest building in the Commonwealth of Nations until 1962 with the completion of CIBC Tower in Montreal.
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Canadian Imperial Bank of Commerce
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 Toronto's Financial District. 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. It is one of two "Big Five" banks founded in Toronto, the other being the Toronto-Dominion Bank.
The bank has four strategic business units: Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, and Capital Markets. It has international operations in the United States, the Caribbean, Asia, and United Kingdom. CIBC serves more than eleven million clients globally, and employs over 40,000 people. The company ranks at number 172 on the Forbes Global 2000 listing.
CIBC's Institution Number (or bank number) is 010, and its SWIFT code is CIBCCATT.
The Imperial Bank of Canada was founded in Toronto in 1873 by Henry Stark Howland. The bank set up its offices in the Exchange Building on Wellington Street, where it remained until 1936. That year, it moved to a new building at the corner of King and Bay, where CIBC would build Commerce Court West in 1973. Imperial acquired several banks, including the Niagara District Bank (1875), and Weyburn Security Bank (1931), and the Canadian operations of Barclays (1956). After the end of World War II, Imperial was the country's fifth-largest bank, with assets under administration of approximately $270 billion.
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. The Imperial Bank of Canada opened in Toronto on March 18, 1875, founded by former Commerce Vice-president Henry Stark Howland. By the end of 1895, the Canadian Bank of Commerce had grown to 58 branches and the Imperial Bank of Canada to 18. 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.
Wood, Gundy & Company, the precursor of CIBC's investment banking arm, opened its doors on February 1, 1905. During World War I, it took a prominent and active role in the organization of Victory Loans.
Acquisitions 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.
The Canadian Bank of Commerce opened its new head office in Toronto in 1931. An observation gallery on the 32nd floor attracted visitors who could get an aerial view of the city. At a height of 145 metres (476 ft), it was the tallest building in the Commonwealth of Nations until 1962 with the completion of CIBC Tower in Montreal.