Founded in 1961 by merger of Canadian Bank of Commerce and the Imperial Bank of Canada, Canadian Imperial Bank of Canada (CIBC) is one of the biggest bank in Canada.
It is headquartered in Toronto, Ontario. CIBC's history traces back to 1867 when Canadian Bank of Commerce was formed followed by formation of Imperial Bank of Canada in 1875. Both the banks seperately grew their banking operations across various territories of Canada.There is another company which is responsible for present form of CIBC called Wood Gundy which was formed in 1905 as an investment banking company and got acquired by CIBC in 1998 contributing a larger source of revenue from investment banking operations. Wood Gundy acquisition helped CIBC to leverage its already established 100 year old brand in investment banking sector and became a big player in banking industry. Other than Canada CIBC currently has presence in North America, Caribbean, Asia and United Kingdom.
CIBC is divided into 2 strategic business units world markets and retail markets. Its world markets division has been part of many bank consortium conducting several M&A, restructuring across the world. It was also involved in Enron controversy where it was fined $80 million by Security Exchange Commission (SEC) for mis-representation of financial data. Retail market division has its majority operations in Canada which has made it 5th largest Canadian bank in terms of deposits. For global banking services it has colloboration with several banks which are stronger in other regions. World Market division has higher share in revenues compared to retail markets division because of which credit agencies have kept its rating as cautious due to volatility of capital markets.