The Canadian Bank of Commerce and Imperial Bank of Canada merge to form the Canadian Imperial Bank of Commerce, the largest bank merger in Canadian history.
The Canadian Imperial Bank of Commerce (CIBC; French: Banque Canadienne Impriale de Commerce) is a Canadian multinational banking and financial services corporation headquartered at CIBC Square in the Financial District of Toronto, Ontario. CIBC's Institution Number (or bank number) is 010, and its SWIFT code is CIBCCATT. 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 June 1, 1961, merger of the Canadian Bank of Commerce (founded in 1867) and the Imperial Bank of Canada (founded in 1873), the largest merger between chartered banks in Canadian history.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; Globally. CIBC serves more than eleven million clients, and has over 40,000 employees. The company ranks at number 172 on the Forbes Global 2000 listing.
The Canadian Bank of Commerce was a Canadian bank which was founded in 1867, and had hundreds of branches throughout Canada. It merged in 1961 with the Imperial Bank of Canada to form the Canadian Imperial Bank of Commerce.