Canada?s banks have a well-deserved reputation for stability and strength, particularly given their relatively steady performance during and since the financial crisis of 2008. They are managed conservatively by international standards and boast stronger capital levels than many banks in the rest of the world.
But even among the strong line-up of Canadian banks, one bank stands out. In May 2012, the Canadian Imperial Bank of Commerce (CIBC) was ranked as the strongest bank in both Canada and North America ? and third strongest bank in the world ? by Bloomberg Markets magazine. The publication singled out the Toronto-based bank for top honours among a group of banks with at least $100bn in assets based on the quality of the banks? holdings.
Founded in 1867, CIBC is as old as Canada itself. The venerable Canadian bank boasts more than 11 million individual, small business, commercial, corporate and institutional clients, 42,000 employees, and operations across Canada, most of the Caribbean and in major financial centres around the world.
Through three strategic business lines ? retail and business banking, wealth management and wholesale banking ? CIBC provides a full range of financial products and services to customers in Canada and around the world.
CIBC?s financial results illustrate the bank?s winning ways. In 2011, it reported net income of $3.1bn, a 25 percent increase from the $2.5bn earned the previous year. Revenue in 2011 was $12.2bn and capital was over $30bn. Its return on equity was 21.3 percent, the highest among the Canadian banks and up by 10 percent from the year before.
Serving Canadian business
The numbers are only part of CIBC?s story of success. Its history of growing with Canada is just as impressive. For more than 100 years, CIBC has partnered with Canadian businesses, entrepreneurs and governments as they have built, run and fuelled the Canadian economy. With an innovative spirit that is part of the bank?s DNA to this day, CIBC was at the forefront of introducing banking services to individuals and businesses as Canada?s vast wilderness was developed. In 1898, for example, the bank sent employees by dog team and canoe to open a branch in the far north during the Yukon Gold Rush. In the 1970s, CIBC delivered fly-in banking services to remote northern communities. And today, from Vancouver Island in the west, to Newfoundland in the east, and the high arctic, CIBC stands as a proud financial partner of Canada?s leading companies in virtually every sector of the economy.
Throughout its history, CIBC?s dedicated commercial and wholesale banking teams have been helping businesses reach their full potential by focusing on delivering the solutions that will help them run smoothly and efficiently so they can focus on their business strategy. CIBC?s relationship managers are committed to providing Canada?s leading companies with industry expertise, innovative ideas and strategic solutions designed to create, protect and realise shareholder value. Commercial services range from cash management and financing to risk management and international services.
CIBC?s business banking strategy is clientcentric, simple and clear. It has a straightforward focus on providing speed, flexibility, and expertise.
- Speed. As the business world increasingly moves at the speed of light ? a reality when it comes to all business dealings today ? CIBC has proved successful with the recognition that executives and business owners do not have time to waste. For CIBC?s clients, speed is defined as time to approval, and ?time to cash? for clients.
- Flexibility. Recognising that no two businesses are alike, CIBC takes pride in establishing relationships based on unique structures reflective of each business? unique circumstances. CIBC?s strong range of market-leading platforms, including asset-based loans, cash management, mezzanine debt, real estate construction and commercial mortgage financing are leveraged to ensure its clients have the right proposal to help their business grow and prosper.
- Expertise. CIBC has more than 400 dedicated relationship managers and 600 business advisors serving 400,000 businesses across 75 industry sectors. With an economy as diverse as Canada?s, the bank?s relationship managers understand the key issues unique to a multitude of industries and sectors.
The bank?s relationship management teams also call upon an array of internal professionals with specialised expertise in business transition planning, Forex, trade finance and cash management, risk mitigation, and other financial needs to help its business clients. Whether a company is growing quickly, involved in an event, or looking for a new financial partner, CIBC offers unique solutions through its strong relationship teams.
Connecting Canada to the world
CIBC has had an international outlook for much of its history. In the 1920s, the bank opened branches in Cuba, Jamaica, Barbados and Trinidad, and had international offices in New York and London even before it had branches in many parts of Canada. Today, it operates in major business centres around the world and has long-held business relationships with leading international banks in countries where it doesn?t have operations.
As befitting a country with a huge bounty of natural resources and relatively small population, Canada is a major exporter country. CIBC plays a key role by aiding Canadian businesses in expanding their operations outside of Canada and helping them manage and minimise their risks as they operate beyond the country?s borders.
CIBC has a history of smoothing the way for Canadian companies as they expand internationally by mitigating payment and delivery risk with foreign customers and suppliers, and by understanding global trade best practices, identifying potential trade risks and accelerating trade-related cash flow. Canadian businesses with international aspirations play a critical role in growing Canada?s economy. As a partner to these companies, CIBC works with its business clients to provide products and services such as Forex strategies with letters of credit and export financing as well as automated online real-time import letter of credit initiation and tracking systems. Of course, international business is a two-way street, so for global businesses looking to do business in Canada, CIBC has positioned itself as a broad-based, relationship-focused bank with strength in dozens of industry sectors, ranging from asset-based lending and commercial real estate mortgage lending and cash management.
Whether you are measuring financial strength, innovation, human resource practices or business expertise, CIBC is a recognised leader, not just in the Canadian corporate landscape, but also in the global financial services sector. As well as being ranked the strongest bank in Canada and North America, and third strongest bank in the world, by Bloomberg Markets, CIBC has garnered a number of other prestigious awards and rankings, including being selected as Best Commercial Bank in Canada, 2012 by World Finance; one of the Top 10 Safest Banks in North America by Global Finance magazine; Deal of the Year Award for its equity investment in American Century at the Mutual Fund Industry Awards in New York; one of Canada?s Best Workplaces by the Great Place to Work Institute; one of Canada?s 10 Most Admired Corporate Cultures; as well as One of Canada?s Best Diversity Employers and a Best Employer for New Canadians award.
?We are thrilled at the recognition we have received, including being voted the best commercial bank in Canada 2012, by World Finance, which is a clear endorsement of CIBC?s focus on delivering exceptional client and shareholder value,? said Jon Hountalas, CIBC?s Executive Vice-President of Business Banking. ?We?ve made a significant investment in our people, in our technology, in our products and in our infrastructure in order to ensure we continue to enhance the experience for our clients and meet their needs as the market environment continues to evolve.?
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