TIDMBH29
RNS Number : 6243T
Canadian Imperial Bank of Commerce
08 December 2011
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CIBC
2011 Annual Report
Strong fundamentals in a changing world
CIBC is a leading Canadian-based global financial institution
with a market capitalization of $30.1 billion and a Tier 1 capital
ratio of 14.7%. Through our three major businesses - Retail and
Business Banking, Wealth Management and Wholesale Banking - we
provide a full range of financial products and services to 11
million individual, small business, commercial, corporate and
institutional clients in Canada and around the world.
We invest in our businesses, our clients, our people and our
communities to deliver consistent and sustainable earnings to our
shareholders.
Our First Principle and Strategic Imperative CIBC's first
principle is to be a lower risk bank. As a lower risk bank, CIBC
targets value creation for stakeholders by delivering on its
strategic imperative of consistent and sustainable earnings over
the long term.
Our Strategic Priorities
-- Cultivating deeper relationships with our clients across our businesses
-- Focusing on value for our clients through understanding their needs
-- Competing in businesses where we can leverage our expertise to add differentiated value
-- Pursuing risk-controlled growth in Canada and internationally
where our expertise can be exported
-- Continuously investing in our client base, people, and infrastructure
CIBC delivers consistent sustainable earnings to
shareholders
2011 Performance
CIBC reported another year of progress and performance in 2011.
Our actions over the past year have aligned with our strategic
imperative to deliver consistent and sustainable earnings and have
strengthened CIBC for the long term.
We underpinned our progress with strong fundamentals in capital
strength, competitive productivity and sound risk management.
Our progress against our objectives is profiled on pages 8 and
9.
Each of our core businesses saw significant achievement over the
course of the year, which is outlined in the business unit
summaries beginning on page 12.
Our clients
-- Named "Best in Mobile Banking - Consumer Internet Banks - Global" by Global Finance magazine
-- Launched new CIBC Mobile Brokerage App and CIBC Home Advisor App - both firsts in Canada
-- Became largest dual issuer of Visa and MasterCard credit cards in Canada
-- Introduced new CIBC MasterCard credit cards
-- Introduced a new competitive pricing offer in CIBC Investor's Edge
-- #1 on the TSX in trading (volume and value)
-- #1 in customer satisfaction for President's Choice Financial, our joint venture with Loblaw
25.6% Earnings growth at CIBC was up $627 million
year-over-year, a more than 25% increase
Our employees
-- Increased our Employee Commitment Index for the sixth consecutive year
-- Selected as one of Canada's Best Employers for New Canadians for the fourth consecutive year
-- Recognized as one of Canada's Best Diversity Employers
-- Named one of Canada's 10 Most Admired Corporate Cultures
-- Invested approximately $58 million in the training and development of our people
Our communities
-- Invested more than $35 million to support communities across Canada
-- Marked the 15(th) anniversary of the Canadian Breast Cancer
Foundation CIBC Run for the Cure with more than $30 million
raised
-- Raised $4.1 million on CIBC Miracle Day in December 2010 to
support children's charities throughout 2011
-- Contributed more than $7.9 million to the 2010 United Way campaign
-- Named Canada's top fundraising team for the 2010 Movember campaign
Creating value for our shareholders
CIBC seeks to create value for our shareholders by generating
consistent and sustainable earnings while achieving strategic
growth.
To do so, we are investing in our core businesses, maintaining a
lower risk discipline aligned with our strategy, and underpinning
our activities with industry-leading fundamentals.
This focus has served our stakeholders well.
We hold a position of strength; we are confident in our future
and we continue to grow CIBC as part of our commitment to focus on
what matters.
We are investing in our clients, our employees, and our
communities, and we will further strengthen our franchise to drive
returns and create long-term value for our shareholders.
Table of Contents
2 Chief Executive Officer's letter
4 Chair of the Board's letter
6 Governance
7 Performance against objectives
11 Senior management
13 Retail and Business Banking
17 Wealth Management
22 Wholesale Banking
26 Corporate responsibility
28 Management's discussion and analysis
126 Consolidated financial statements
253 Shareholder and other information
Message from the President and Chief Executive Officer
Gerald T. McCaughey
Strong fundamentals in a changing world
CIBC reported another year of progress and performance in 2011,
against a backdrop of market volatility, slowing global economic
expansion and continued change within the financial services
industry.
CIBC's strategic imperative is to deliver consistent,
sustainable earnings over the long term. That imperative continues
to guide our activities, whether enhancing our existing operations,
considering future growth opportunities, or adhering to our risk
profile.
CIBC achieved solid results across our businesses in 2011; our
capital position remains among the best of any bank globally and we
introduced a broad range of initiatives focused on enhancing the
value we provide our clients.
CIBC reported net income of $3.1 billion or $7.39(1) per share
on a cash basis, compared with $2.5 billion and $5.95(1) a year
ago. Revenues rose to $12.2 billion from $12.1 billion and return
on equity was once again strong at 21.3%.
CIBC's earnings strength enabled us to increase our quarterly
dividend to 90 cents effective October 2011, while further
improving our capital ratios and making broad investments in our
network and people.
Strengthening our businesses
Our three business units - Retail and Business Banking, Wealth
Management and Wholesale Banking - all took significant steps
during the year to strengthen our businesses and increase the value
we provide to our 11 million clients.
Retail and Business Banking reported net income of $2.1 billion
in 2011, up from $1.8 billion in 2010.
In Retail and Business Banking, we built and renovated more
branches, extended our branch operating hours, launched new
products like our family of MasterCard credit cards and reinforced
our leadership position in mobile banking with our home advisor and
stock trading Apps.
Wealth Management, which is reporting as a separate business
this year, had net income of $279 million in 2011, up from $225
million in 2010. The team delivered record long-term net sales in
2011 and market-leading performance.
Despite volatility and uncertainty in global equity markets,
Wholesale Banking continued to deliver consistent and
risk-controlled performance during the year, reporting net income
of $565 million, compared with $342 million in 2010.
In Wholesale Banking, we maintained strong market positions in
our long-established and successful investment banking,
underwriting and mergers and acquisition businesses, while seeking
further growth in corporate lending, foreign exchange and
infrastructure finance.
(1) For additional information, see the "Non-GAAP measures"
section of the MD&A.
CIBC has achieved important progress during a period of
significant change within the worldwide financial services
industry.
Strategic investments in growth and brand
While reinforcing our core businesses, we have also continued to
identify strategic options for growth. In August, we concluded our
fourth strategic investment in 18 months with the purchase of a 41%
equity interest in American Century Investments of Kansas City.
This is a leading U.S. asset management company that will enable
CIBC to offer clients additional investment opportunities through
its existing equity and fixed income capabilities. It will also
provide an additional platform for growth internationally in a
sector that has attractive demographic and risk
characteristics.
More broadly, we took further steps to build our brand in the
marketplace through focused advertising and sponsorships. As the
presenting sponsor of the 2011 International Indian Film Academy
Awards, we engaged South Asian clients and brought "Bollywood" to
life for Canadians across the country. CIBC was also recently
selected as lead sponsor of the 2015 Pan Am and Parapan Am Games
taking place in Canada, which will enhance our profile with
clients, employees and the community.
CIBC has strong fundamentals
We accomplished all this while ensuring the bank has strong
fundamentals in terms of capital, expenses and risk management.
CIBC's balance sheet and capital position are very strong. At
the end of fiscal 2011, CIBC's Tier 1 capital ratio rose to 14.7%
and Tangible Common Equity to 11.4%.
When measured using the Basel III regulatory standards, which
will not be fully implemented until 2019, CIBC's pro-forma common
equity ratio of 8.1% already exceeds the required minimum level of
7%.
In the areas of efficiency and risk, CIBC maintained our
non-interest expense to revenue ratio at our objective of industry
median. Loan losses declined to $841 million, supported by
effective risk management across our businesses.
While our world is changing, CIBC's objective to provide value
to those who rely on us - our clients, our employees, our
communities and our shareholders - remains core to our future.
That focus, combined with our strong capital base, growing
businesses and clear view of the way forward, gives us confidence
as we enter 2012.
As always, our employees continue to be at the foundation of our
success. Their dedication and commitment have brought us to the
position we find ourselves in today and I would like to thank them
for their contribution during 2011.
Gerald T. McCaughey
President and Chief Executive Officer
21.3%
Return on Equity was the highest among the Canadian banks and up
10% year-over-year.
CIBC continued its leadership in mobile banking innovation for
clients by being the first bank in Canada to bring a mobile trading
App to investors.
14.7%
Our industry-leading Tier 1 capital ratio is among the highest
of the global banks.
Chair of the Board's letter
Charles Sirois
Another dynamic year in global financial services
CIBC achieved solid results for all of our shareholders,
clients, employees and the communities we serve, in what was
another dynamic year in global financial markets.
In this changing environment, your Board has been steadfast in
its commitment to maintaining strong governance principles.
Over the last year, the Board continued its focus on enhancing
CIBC's governance systems, Board renewal, Board effectiveness and
risk management oversight. We also focused on furthering our
stakeholder engagement framework, talent management and executive
compensation philosophy. Our best-in-class corporate governance
standards were recognized in 2011 by GMI, the leading independent
provider of global corporate governance risk ratings and research,
which placed CIBC in the top 1% of companies rated.
Stakeholder engagement - a key part of our investor relations
program
Maintaining an ongoing dialogue with our investors is a priority
of your Board. Our stakeholder engagement framework ensures that
the Board is current on the views of our stakeholders. Our
formalized process and enhanced focus in this area have allowed us
to be more proactive. Our emphasis on effective stakeholder
engagement extends beyond the meetings we have with investors to
our overall communication strategy.
Over the course of 2011, I had the opportunity to meet
one-on-one with a number of CIBC shareholders who collectively
represent more than 22% of CIBC's outstanding shares.
Strategy and risk - a Board enriched process
Corporate strategy, and its successful execution, is a key
determinant of shareholder value. Although strategy is management's
responsibility, the Board has been very active over the last year
with management in participating in CIBC's ongoing strategic
planning process. Together with management, we have focused on
specific strategic themes, including domestic and international
growth, as well as the strategic management of cost, risk and
talent.
Our experienced directors bring an independent, balanced and
value-added perspective to this process. In addition, your Board
has been actively engaged in educational sessions focused on
understanding the impact of the changing environment on themes that
are critical to CIBC's strategy.
As part of CIBC's financial and strategic planning process, the
Board's Risk Management Committee continues to refine CIBC's risk
appetite to maintain a strong alignment between risk and business
strategy. The refinements reflect CIBC's goal to be a lower-risk
Canadian bank with a view to strategically grow in select
businesses where our competitive capabilities and market
opportunities align.
Our risk appetite statement is an important guiding principle in
support of our risk culture at CIBC and is aligned with our
strategic imperative of consistent and sustainable performance. Our
strong foundation of corporate governance enables us to operate in
a manner that prudently assesses and mitigates risk while
supporting business innovation or growth.
Executive compensation and talent management
CIBC has further developed its talent management strategy with
the support of the Management Resources and Compensation Committee.
This strategy focuses on understanding the impact of our business
strategy on talent demands, furthering leadership development and
enhancing succession planning for critical roles, as well as
employees at all levels.
Executive compensation continues to be a key area of focus with
the objective of aligning CIBC's executive compensation program
with CIBC's strategy and emerging best practices in the
marketplace. The redesign of our senior executive team compensation
program in 2009 and 2010 impacted a broader executive population
and expanded the use of performance vesting criteria and equity
deferrals. These details are well described in CIBC's 2012
Management Proxy Circular that will be available in March. Our
advancements in the area of executive compensation have been widely
recognized by our shareholders.
Looking forward
In summary, 2011 was a successful year for your Board and CIBC.
Our confidence in CIBC's strong position and positive future
outlook was underscored by the decision to increase the quarterly
dividend to shareholders last October.
On behalf of the Board, I would like to recognize Gerry and his
senior management team for their continued strong leadership and
for the critical role they play in ensuring that the bank's strong
governance culture is reflected in our business strategies and
priorities. The senior executive team, along with the dedication
and efforts of our more than 42,000 employees, is critical to our
progress.
I would also like to extend my appreciation to Bob Steacy who
will be retiring from the Board at our upcoming Annual Shareholder
Meeting. In addition, I am grateful to all Board members for their
leadership and active engagement in the achievements of CIBC over
the last year.
Charles Sirois
Chair of the Board
Governance
We believe long-term success requires effective governance.
CIBC's Board and management have maintained a longstanding
commitment to strong governance principles, fostering a philosophy
of transparency and engagement and demonstrating leadership in
governance best practices.
Guided by an independent and experienced Board
At the core of our commitment to governance is an independent,
experienced Board of Directors that cultivates a culture of
integrity and accountability. To ensure we preserve the appropriate
complement of Board skills, qualifications and competencies to
effectively address CIBC's evolving needs, we assess directors'
skills and the Board's performance every year.
The responsibility of the Board is to oversee the management of
the business and affairs of CIBC. As part of this supervisory duty,
the Board utilizes a comprehensive, integrated governance framework
which includes an effective committee structure.
Four Board committees assist with the execution of the Board's
fiduciary obligations and help to enhance governance:
-- The Audit Committee assists the Board by reviewing CIBC's
financial statements, financial disclosure and internal
controls;
-- The Corporate Governance Committee assists the Board in
fulfilling its corporate governance oversight responsibilities;
-- The Management Resources and Compensation Committee assists
the Board by overseeing CIBC's human capital, organizational
effectiveness, succession planning and compensation programs;
and
-- The Risk Management Committee assists the Board by overseeing
CIBC's risk profile and principal business risks against CIBC's
defined risk appetite.
Each Committee has a mandate outlining its functions and
responsibilities. These mandates can be found on our corporate
website at www.cibc.com.
In addition, four management committees have been established to
support the senior team on the governance and control activities of
CIBC:
-- Capital and Risk Committee;
-- Disclosure Committee;
-- Reputation and Legal Risk Committee; and
-- Governance and Control Committee.
Adhering to explicit codes of behaviour
Accountability is one of CIBC's core values. To nurture a strong
governance culture of ethical integrity and personal
accountability, CIBC has policies on personal conduct for
directors, employees and contractors that are intended to protect
our clients, our employees and CIBC.
All members of CIBC's Board of Directors are required to certify
their compliance annually with the CIBC Code of Ethics for
Directors. The principles in this Code require a consistent and
high standard of ethical conduct for all directors. The principles
are intended to protect the business interests of CIBC, maintain
CIBC's reputation for integrity and foster compliance with
applicable legal and regulatory obligations.
For employees, the CIBC Code of Conduct promotes ethical
decision-making and supports behaviour that is consistent with
CIBC's core values of Trust, Teamwork and Accountability. All
employees are required to complete annual testing and certification
on the CIBC Code of Conduct to ensure they understand its
requirements. A separate CIBC Code of Conduct governs
contractors.
Both employees and directors are encouraged and expected to
report any concerns regarding irregular business activity or
behaviour that could place CIBC's integrity or reputation at risk.
Through a confidential CIBC Ethics Hotline and whistleblower
procedures, directors and employees can report suspected breaches
of the Codes.
Aligning governance with strategy
The Board has aligned its governance and risk management
philosophies and structure to support CIBC's broader strategic
imperative of consistent and sustainable performance over the long
term.
As part of its ongoing review, the Board regularly assesses and
enhances its governance practices and principles to confirm that we
continue to meet regulatory requirements and that we remain at the
forefront of governance best practices. These practices and
principles include:
-- Our Statement of Corporate Governance Practices which
describes our comprehensive governance framework, states CIBC's
vision and details the Board's responsibilities. This document
explains the Board's approach to Board composition, director
nomination and tenure, Board independence and education, as well as
director and executive compensation and management succession.
-- Our CIBC Disclosure Policy which supports consistent and
timely communication with CIBC's stakeholders, outlines our
philosophy and practices for disclosing material information to the
market, and clarifies the roles and responsibilities of various
individuals and groups at CIBC relating to the release of material
information.
-- The Disclosure Required by NYSE Listed Company Manual which
summarizes the significant differences between the governance
practices of CIBC and those required of U.S. domestic companies
under the New York Stock Exchange listing standards. As a Canadian
public company with securities listed on the Toronto Stock Exchange
(TSX) and the New York Stock Exchange (NYSE), CIBC has in place a
system of corporate governance practices that meets or exceeds
these regulatory requirements.
CIBC's governance practices, policies and standards, including
the Disclosure Required by NYSE Listed Company Manual, can all be
found in the Governance section of our website at www.cibc.com.
CIBC's integrated governance framework
Our integrated governance framework guides the Board and
management in fulfilling their obligations to CIBC and our
stakeholders. The Board reviews the effectiveness of the governance
structure annually and is committed to evolving its structure to
ensure it serves as the keystone for sustaining excellence in
governance in the future.
This framework includes a capable and qualified Board with
diverse backgrounds and skills; a collaborative and constructive
relationship between the Board and senior management; and a robust
set of governance and control policies and procedures.
Board of Directors
Brent S. Belzberg (2005) (CGC, MRCC
- Chair) Gerald T. McCaughey (2005)
Senior Managing Partner President and Chief Executive Officer
TorQuest Partners CIBC
(Toronto, Ontario, Canada) (Toronto, Ontario, Canada)
Gary F. Colter (2003) (CGC - Chair,
MRCC) Jane L. Peverett (2009) (AC)
President Corporate Director
(West Vancouver, British Columbia,
CRS Inc. Canada)
(Mississauga, Ontario, Canada)
Leslie Rahl (2007) (RMC)
Dominic D'Alessandro (2010) (RMC) Founder and Managing Partner
Past President and Chief Executive Officer Capital Market Risk Advisors, Inc.
Manulife Financial Corporation (New York, New York, U.S.A.)
(Toronto, Ontario, Canada)
Charles Sirois C.M., O.Q. (1997)
Patrick D. Daniel (2009) (RMC) Chair of the Board
President and Chief Executive Officer CIBC
Enbridge Inc. Chairman and Chief Executive Officer
(Calgary, Alberta, Canada) Telesystem Ltd.
(Montreal, Quebec, Canada)
Luc Desjardins (2009) (MRCC)
President and Chief Executive Officer Robert J. Steacy (2008) (AC)
Superior Plus Corp. Corporate Director
(Montreal, Quebec, Canada) (Toronto, Ontario, Canada)
Hon. Gordon D. Giffin (2001) (MRCC) Katharine B. Stevenson (2011) (RMC)
Senior Partner Corporate Director
McKenna Long & Aldridge LLP (Toronto, Ontario, Canada)
(Atlanta, Georgia, U.S.A.)
Ronald W. Tysoe (2004) (AC - Chair,
CGC)
Linda S. Hasenfratz (2004) (MRCC) Corporate Director
Chief Executive Officer (Jupiter, Florida, U.S.A.)
Linamar Corporation
(Guelph, Ontario, Canada) AC - Audit Committee
CGC - Corporate Governance Committee
Nicholas D. Le Pan (2008) (CGC, RMC MRCC - Management Resources and
- Chair) Compensation
Consultant Committee
(Ottawa, Ontario, Canada) RMC - Risk Management Committee
Hon. John P. Manley P.C., O.C. (2005)
(AC, CGC)
President and Chief Executive Officer
Canadian Council of Chief Executives
(Ottawa, Ontario, Canada)
Performance against objectives
Our progress against our strategic priorities in 2011 supported
strong performance. Our strategy is creating value for our
shareholders by delivering consistent and sustainable earnings over
the long term.
Financial
Medium-term objectives 2011 results
Earnings per share (EPS) growth 2011 EPS of $7.31
Diluted EPS growth of 5%-10% per annum, on average,
over the next 3-5 years 2010 EPS of $5.87
Return on equity (ROE) ROE:
Return on average common equity of 20% through the
cycle (calculated as net 21.3%
income less preferred share dividends and premium
on redemptions expressed
as a percentage of average common shareholders' equity)
Tier 1 capital ratio:
Capital strength 14.7%
Total capital ratio:
Tier 1 capital ratio target of 8.5% 18.4%
Total capital ratio target of 11.5%
Business mix 77%/23% retail/wholesale
75% retail(1) /25% wholesale (as measured by economic (as measured by economic
capital(2) ) capital(2) )
Loan loss ratio on a
Risk managed basis(2) :
Maintain provision for credit losses as a percentage
of loans and bankers' 48 basis points
acceptances (loan loss ratio) on a managed basis(2)
between 50 and 65 basis
points through the business cycle
Cash efficiency ratio,
Productivity TEB(2) :
Achieve a median ranking within our industry group,
in terms of our non-interest 58.8%
expense to total revenue (cash efficiency ratio, taxable
equivalent basis (TEB)(2) )
Dividend payout ratio Dividend payout ratio:
40%-50% (common share dividends paid as a percentage
of net income after 47.9%
preferred share dividends and premium on redemptions)
Five years ended October
Total shareholder return 31, 2011:
Outperform the S&P/TSX Composite Banks Index (dividends
reinvested) on a CIBC: 9.3%
rolling five-year basis
Index: 24.3%
(1) Retail includes Retail and Business Banking, Wealth
Management and International Banking.
(2) For additional information, see the "Non-GAAP measures"
section.
We are maintaining our medium-term objectives under the new
International Financial Reporting Standards (IFRS).
A constituent of the Dow Jones
Sustainability World Index for Listed on the FTSE4Good A member of the Jantzi
10 Index since Social Index
consecutive years, and a member since its inception in
of the Dow Jones Sustainability its inception in 2001 2000
North American Index since its
inception in 2005
Non-financial
Objectives Accomplishments
-- Named "Best in Mobile Banking" globally by Global
Clients Finance magazine
-- Launched new CIBC Mobile Brokerage App and CIBC
Help our clients achieve Home Advisor App - both firsts in Canada
-- Became largest dual issuer of Visa and MasterCard
what matters to them credit cards in Canada
-- Introduced new CIBC MasterCard credit cards
-- Introduced a new competitive pricing offer in CIBC
Investor's Edge
-- #1 on the TSX in trading (volume and value)
-- #1 in customer satisfaction for President's Choice
Financial
-- Increased our Employee Commitment Index for the
Employees sixth consecutive year
Create an environment -- Selected as one of Canada's Best Employers for New
where Canadians for the fourth consecutive year
all employees can excel -- Recognized as one of Canada's Best Diversity Employers
-- Named one of Canada's 10 Most Admired Corporate
Cultures
-- Invested approximately $58 million in the training
and development of our people
-- Invested more than $35 million to support communities
Community across Canada
-- Marked the 15th anniversary of the Canadian Breast
Make a real difference Cancer Foundation CIBC Run
in our communities for the Cure with more than $30 million raised
-- Raised $4.1 million on CIBC Miracle Day in December
2010 to support children's charities throughout 2011
-- Contributed more than $7.9 million to the 2010 United
Way campaign
-- Named Canada's top fundraising team for the 2010
Movember campaign
-- Included on the Carbon Disclosure Leadership Index
Environment for our disclosure of GHG
emissions and strategies to address climate change
Demonstrate environmental related risks and opportunities
responsibility in all -- Reduced energy consumption across Canadian operations
activities by 7.8% since 2009
-- Increased the use of Forest Stewardship Council
(FSC) certified paper stock to 94%
-- Arranged over $1.5 billion in public and private
equity financing and advised on the
purchase or sale of more than $20 billion in assets
for companies in the Renewable
Energy & Clean Tech segment since 2009
-- Recognized with the Gold Technology Accelerator
Award by Renewed Computer
Technology for our donations of surplus IT equipment
-- Ranked in the top 1% of all companies rated by GMI
Governance for best-in-class corporate governance standards
-- Ranked #1 in corporate governance disclosure among
Be a leader in financial services sector peers
governance practices in the 2010 CICA Corporate Reporting Awards
-- Ranked 4th on Bloomberg Markets' Top 20 List of
the World's Strongest Banks after
delivering the strongest return on equity of any major
bank in the developed world
and the highest total shareholder return among Canadian
banks last year
Named a Best Employer for Recognized as one Named one of Canada's 10 Most
New Canadians of Canada's Best Admired
for a fourth consecutive
year Diversity Employers Corporate Cultures
Senior management
Our Senior Executives and Senior Leaders set the strategic
direction for CIBC, our businesses and functional groups, and
provide leadership to more than 42,000 employees as they help our
11 million clients achieve what matters to them.
Senior Executive Team
Gerald T. McCaughey Michael Capatides Victor Dodig
President and Chief Senior Executive Vice-President Senior Executive Vice-President
Executive Officer Chief Administrative CIBC
CIBC Officer Group Head
and General Counsel Wealth Management
Administration
Kevin Glass Richard Nesbitt Hon. Jim Prentice P.C.,
Senior Executive Vice-President Senior Executive Vice-President Q.C.
CIBC CIBC Senior Executive Vice-President
Chief Financial Offer Group Head and Vice-Chair
Finance Wholesale, International CIBC
and
Technology and Operations
Richard Venn David Williamson Tom Woods
Senior Executive Vice-President Senior Executive Vice-President Senior Executive Vice-President
Advisor to the CEO CIBC Chief Risk Officer
Office Group Head Risk Management
CIBC Retail and Business
Banking
Senior Leaders
David Arnold Geoff Belsher
Executive Vice-President Managing Director
Finance Shared Services and Group
Co-Head
Wholesale Banking
Michael Boluch Harry Culham
Executive Vice-President Managing Director
CIBC Technology and Group
Co-Head
Wholesale Banking
Laura Dottori-Attanasio Stephen Forbes
Managing Director Executive Vice-President
and Global Head Marketing, Communications,
Corporate Credit Products President's Choice
Financial and Retail
and Business Banking
Strategy
Steve Geist Charles Gerber
Managing Director and Executive Vice-President
President and Deputy General
CIBC Asset Management Counsel, Legal, Governance
and Control
Monique Gravel Jon Hountalas Marybeth Christina Cheryl Longo Art Mannarn
Managing Executive Jordan Kramer Executive Executive
Director Vice-President Managing Executive Vice-President Vice-President
and Head Business Director Vice-President Card Products Business
CIBC Wood Banking and Head Retail and National Support and
Gundy CIBC Investor Distribution Collections Strategic
Services and Channel Initiatives
Inc. Strategy
Brian McDonough Jacqueline Brian O'Donnell John Orr Rik Parkhill Kevin Patterson
Executive Moss Executive Executive Chief Executive Executive
Vice-President Executive Vice-President Vice-President Officer Vice-President
Wholesale Vice-President Risk Services Strategy CIBC Technology
Credit and Human Resources and Corporate FirstCaribbean and Operations
Investment Development International
Risk Management Bank
Wayne Ralph Duncan Webster Gary Whitfield
Executive Managing Managing
Vice-President Director, Director
Global Operations Chief Investment and Head
and INTRIA Officer and Private
Head Wealth Management
CIBC Global - Canada
Asset Managment
CIBC employees at the Sahali banking centre in Kamloops,
BC celebrate the branch's grand opening with
former professional hockey player Trevor Linden.
Front Row
Murray Redman
Karen Joki-Hollanti
Trevor Linden
Krista Bifano
Judy Marchese
Dwight Liburd
Yousuf Hameed
Middle Row
Lisa Wiebe
Lauren Silver
Donna Carusi
Back Row
Corey Darling
Graham Lye
Sherri Valana
Retail and Business Banking
Retail and Business Banking provides clients across Canada with
financial advice, products and services through a strong team of
advisors and nearly 1,100 branches, as well as our ABMs, mobile
sales force, telephone banking, online and mobile banking.
David Williamson Q: How do you compete for the client's share of wallet
Senior Executive in an ongoing competitive
Vice-President, and uncertain environment?
CIBC, and Group
Head, Retail
and Business Banking
A: From building their savings and managing their debt
to investing in their future, we are focused on helping
our clients achieve what matters to them. Canadians, now
more than ever, are looking for a bank to build their financial
security. We continue to invest in our strong distribution
platform to provide our clients with the access and choice
to simplify their banking. In 2011, we opened new branches,
expanded Saturday and Sunday hours and enhanced our ABM
network. We also grew our mobile sales force, developed
our telephone and online banking platforms, and strengthened
our award-winning and industry-leading mobile banking offer.
2011 Highlights
Our objective is to
continually
strengthen our focus
as a client-
centric organization.
Across
Retail and Business
Banking, we
are focused on our priorities
which are to: build
deeper
relationships with our
clients;
improve our sales and
service
capabilities; and acquire
and
retain clients who seek
deeper
and more rewarding
relationships.
Personal Banking Business Banking
-- First bank in Canada to -- Strong growth in business
launch a mobile lending and
brokerage App allowing stock deposits
trading
on smartphones
-- Named "Best in Mobile Banking" -- Integrated business sales
globally forces to create
a better client experience
within
Commercial Banking
-- Celebrated milestone with -- Established a new integrated
more than 100 Global
new branches opened in the Transaction Banking team
past four years,
providing clients with greater
access and
choice
-- Recruited strong new
executive talent in
Business Banking
-- Launched new CIBC MasterCard -- Implemented a new cash
credit cards, management
broadening the choice for solution for business clients
consumers and
offering strong client value
-- Became largest dual issuer -- Sponsored Canada's 50
of Visa and Best Managed
MasterCard credit cards in Companies Program, recognizing
Canada with the excellence
completion of the Citigroup in Canadian-owned and managed
Canada companies
MasterCard acquisition
Committed to our clients
Retail and Business Banking continued to invest throughout 2011
in areas that provide greater access and choice to our clients in
how and when they do their everyday banking:
-- We were the first bank in Canada to launch a mobile brokerage
App allowing stock trading on smartphones, furthering our
leadership in this emerging space on behalf of our clients.
-- We were recognized by Global Finance magazine as "Best in
Mobile Banking -Consumer Internet Banks" among banks globally.
-- We celebrated a milestone with more than 100 new branches
opened in the past four years and now have nearly 1,100 branches
operating across the country.
-- We were the first bank to offer Sunday banking and we
extended branch operating hours to include more branches opening on
Saturday.
-- We became the largest dual issuer of Visa and MasterCard
credit cards in Canada with the completion of the Citigroup Canada
MasterCard acquisition.
-- We launched the CIBC Advantage Card, Canada's first Visa
Debit card that provides our clients more flexibility when shopping
online or while out of the country.
-- We enhanced our focus on business banking, resulting in
higher volumes and lending balances that grew above market
rates.
As we close fiscal 2011, our business is well positioned. We
have built and renovated more branches, extended our branch
operating hours, launched new products and reinforced our
leadership position in mobile banking with our home advisor and
stock trading Apps.
Debbie Cosman and Carmela Bottaro welcomed clients to the grand
opening of our new banking centre at Bathurst and Rutherford in
Maple, Ontario.
Investing in areas that matter to our clients
To further our business Deepening client relationships
in 2012 and
beyond, we are focused
on our priorities
which are to: build deeper
relationships
with our clients; improve
our sales and
service capabilities; and
acquire and
retain clients who seek
deeper and more
rewarding relationships.
Our focus is to build long-lasting
and
deep relationships with
our clients. In
support of this we have:
-- modified frontline incentives
to better
align how we incent our
frontline staff
to address and fulfill client
needs;
Our objective is to continually CIBC launched new CIBC
strengthen MasterCard credit
our focus as a client-centric cards in 2011, offering
organization. greater choice for
consumers within CIBC's
industry-leading
credit card lineup.
-- making adjustments to
branch staffing
levels so that we have more
staff
available to serve clients
in our high
traffic branches;
In support of this, we
completed a
reorganization mid-way
through 2011
which included consolidating
all sales
and client channels under
one leadership
team structure. We also
created a new
senior cross-product leadership
role to
streamline processes across
all of our
sales, channel and product
activities.
-- continued to invest in -- reorganized and invested
our strong further in
distribution platform, adding expanding our business
more banking sales
than 100 new or renovated team so we can better address
branches the
over the past four years needs of our business banking
and enhancing clients
our capabilities in telephone, across Canada.
online,
ABM and mobile banking;
Improving our sales and
service
capabilities
We have also launched a -- expanded our branch operating At the same time, our goal
series of hours is to continually
initiatives in support with more than 500 branches make it easier for our
of our three priorities now frontline staff to
which will provide added open on Saturdays and more address the needs of our
benefit to our than 50 clients.
clients in the years to branches now open on Sundays;
come. and
CIBC was the proud presenting sponsor of the 2011 International
Indian Film Academy Awards celebrations in Toronto. We engaged
Bollywood fans from coast-to-coast and brought the glamour and
creativity of the Indian film industry to life for Canadians of all
backgrounds.
We have launched a series of initiatives aimed at improving our
sales and service capabilities, just some of which include:
-- launching a new problem resolution process that allows our
frontline teams to resolve client issues more quickly and at first
point of contact;
-- focusing on streamlining our adjudication processes for
personal lending products including loans, lines of credit and
mortgages; and
-- simplifying sales and frontline reporting, thereby freeing up
more time for our frontline leaders to spend with clients.
Continuous improvement of our sales and service capabilities
will be a key focus in 2012.
Acquiring and retaining clients
In addition, we are investing in areas that will allow us to
acquire and retain clients who seek deeper and more rewarding
relationships.
We know that our clients are looking for new ways to bank with
us so we have made innovation a key priority.
Examples are:
-- continued to lead the industry in Canada in mobile banking
innovation by expanding our innovation in this area with the launch
of the CIBC
Mobile Brokerage App and the CIBC
Home Advisor App - both firsts in Canada;
-- named "Best in Mobile Banking" among banks globally by Global Finance magazine; and
-- named the lead sponsor of the Pan Am and Parapan Am Games,
which will be held in Canada in 2015.
Deepening client relationships Improving sales and service Acquiring and retaining
capabilities clients
-- Modified frontline -- Launched a new problem -- Continued mobile banking
incentives resolution innovation with
process to resolve client the launch of the CIBC
issues more Mobile Brokerage
quickly and at first point App and the CIBC Home Advisor
of contact App
-- Making adjustments
to branch staffing
-- Continued to invest -- Streamlined frontline -- Named "Best in Mobile
in our strong client adjudication Banking" among
distribution platform processes banks globally by Global
Finance magazine
-- Expanded branch operating
hours
-- Simplified sales and frontline -- Became the largest dual
reporting, issuer of Visa and
thereby freeing up more time MasterCard credit cards
for our in Canada
frontline leaders to spend
with clients
-- Reorganized and invested
further in
expanding our business
banking
sales team
-- Named the lead sponsor
of the 2015
Pan Am and Parapan Am Games
The CIBC team responsible for the development of the
CIBC Mobile Brokerage App demonstrates how investors can
make trades on the go through their mobile device.
Front Row
Matt Skinner
Steve Tyers
Andrej Podgajski
Back Row
Richard Allen
Nuno Carreira
Dom Dallaire
Randy Dulay
Wealth Management
Wealth Management comprises asset management, retail brokerage
and private wealth management businesses. Combined, these
businesses offer an extensive suite of leading investment and
relationship-based advisory services to meet the needs of
institutional, retail, and high net worth clients.
Victor Dodig Q: What are your plans for growth outside Canada?
Senior Executive
Vice-President,
CIBC, and Group A: This year CIBC acquired a 41% equity stake in American
Head, Century Investments, a leading U.S. asset management firm
that complements our existing investment capabilities while
providing CIBC with additional growth opportunities and
diversification.
Wealth Management
Steady fee-based earnings, capital efficiency and favourable
consumer trends, such as an aging demographic and increased
savings rates, make the global expansion for asset management
very attractive. We will continue to invest in our Wealth
Management platform, domestically and internationally,
to enhance our client value and strengthen shareholder
returns.
2011 Highlights
Our objective is to
be a leader in wealth
management solutions
in markets where
we offer advice and
to be a leading global
asset manager by delivering
exceptional
value for our clients,
our employees, our shareholders,
and our communities.
* Acquired a 41% equity stake in American Century
Investments, a leading U.S. asset management firm
* Launched a CIBC Mobile Brokerage App, making CIBC the
first bank to bring mobile
trading to Canadian investors
* Delivered record growth of 44% in net sales of
long-term mutual funds
* Investment performance consistently ranked amongst
industry leaders
* CIBC Wood Gundy ranked #2 in full-service brokerage
and experienced a solid increase in
client satisfaction
* Expanded our CIBC Private Wealth Management footprint
in four cities across Canada
* Delivered 2% growth in assets under administration
Strengthening specialized As a business, we continue
advisory to grow and
capabilities strengthen our advisory
capabilities. Our
dedicated team of specialists,
such as
Financial Planners, Wealth
Advisors and
Estate Planning Specialists,
work in
partnership with advisors
across the
organization. Together,
these specialists
provide comprehensive
planning to
clients with more complex
needs to help
them preserve and grow
their wealth.
Wealth Management plays an
important
role in CIBC's client advisory
offer by
providing custom-tailored
solutions to
our retail and institutional
clients.
Through leading industry
experts, we
also deliver a range of specialized
capabilities such as:
Wealth Management provides -- tax and estate planning
specialized for high net
advice to our retail and worth individuals;
institutional clients.
-- business transition planning
and
support for small- and mid-sized
business owners; and
-- innovative thinking and
ideas to our
institutional clients.
We help clients grow and preserve their wealth for future
generations.
Providing clients with solutions for every stage of life
Enhancing value for our every day and to deliver
clients on our promise
of an excellent client experience.
In 2011, Wealth Management
launched a number of innovations
to provide our clients with
enhanced value and to further
deepen our relationships.
A new pricing offer within
our self-directed brokerage
business, CIBC Investor's
Edge, rewards our self-directed
clients
with one of the most competitive
trading prices available
in Canada.
The launch of mobile trading
in 2011 further leveraged
technology to enhance our
clients' experience. CIBC
was the first bank to bring
a mobile trading App to
Canadian investors. Technology
continues to play a key
role.
These investments in our
business have helped to
enhance the value that we
aim to provide our clients
each and
Driving superior investment
performance
Delivering strong investment
performance and solid returns
for our clients is a key
focus for our Wealth Management
business. In 2011, we further
strengthened our capabilities
and enhanced our team of
investment professionals, Our investment performance
particularly with key hires is consistently
in Canadian Equities and ranked amongst industry
Fixed Income. leaders.
Our open-architecture approach
also allows us to hire the Our team-based approach,
very best sub-advisors the investment discipline and
world over. CIBC is one open architecture have
of the largest purchasers been very successful in
of outside money management yielding results for our
services in Canada, which clients. Throughout the
provides our clients with year, our investment performance
access to the industry's has consistently ranked
leading investment professionals, amongst the leaders in
globally. the industry.
We provide advice and solutions to our clients to give them
comfort and security in their retirement.
Developing innovative investment Class series to offer our
solutions and products clients even greater value We continue to evolve
We continue to evolve our through lower costs, greater our investment
investment solutions through performance and increased solutions to meet the
product innovation and enhancements pricing transparency. As changing needs of
to meet the needs of our more Canadians near retirement, our clients.
clients. This year, we launched the need for investment products
a number of new products, which provide income while
including the limiting exposure to inflation,
Renaissance Optimal Inflation taxation and risk increases.
Opportunities Portfolio, We are focused on meeting
which is designed to mitigate this need and providing our
inflation risk and provide clients with solutions that
growth opportunities by will provide comfort and
taking security throughout their
advantage of the changing retirement years.
economic environment around
the world. In addition,
we broadened our Premium
Advice and solution innovation Investment performance Strengthening our platform
-- Momentum in long-term -- Building international
* First to market with a mobile trading App retail mutual asset
fund sales management profile
for Canadian investors
-- Delivering solid investment -- Advancing the Renaissance
* Industry-leading client experience in performance Investments
for our clients brand, our third-party
fund offering
full-service brokerage
-- Leader in separately -- Simplifying processes
* Rewarding our clients and deepening managed for our clients
account programs
relationships with self-directed
brokerage
loyalty pricing
* Investing in our advisory offer with new
advisor training program
This year, CIBC supported Brookfield Asset Management Inc.
and associated companies by participating
in 22 financing transactions totaling $3.2 billion.
Back Row
Scott Smith, Wholesale Banking (CIBC)
Jon Haick, Brookfield Asset Management Inc. (Brookfield)
Peter Mastromarini, CIBC
Front Row
Paul Farrell, CIBC
Sam Pollock, Brookfield
Kelly Marshall, Brookfield
Sean Gilbert, CIBC
Wholesale Banking
Wholesale Banking provides a wide range of credit, capital
markets, investment banking, merchant banking and research products
and services to government, institutional, corporate and retail
clients in Canada and key markets around the world.
Richard Nesbitt Q: How will you ensure you continue to meet the evolving
Senior Executive Vice-President, demands of wholesale
CIBC, and Group Head, clients?
Wholesale, International
and A: Clients are more sophisticated than ever and we have
Technology and Operations to support and grow with them. Our clients are increasingly
looking beyond Canada to meet their business objectives
and we are extending our service and product offerings
globally to respond to these evolving needs. We are growing
our corporate lending, investment banking, foreign exchange,
distribution and capital markets capabilities in select
global markets. Another key area for us is technology.
Clients are demanding innovation - we have to be responsive.
That's why our leadership position in electronic trading,
our focus on e-Commerce and foreign exchange and the
launch of new products such as our CORE smart order routing
engine for equity trading are so important to us and
to the service we provide our clients.
2011 Highlights
Our objective is to
be the premier client-focused CIBC participated in a number of key transactions as:
wholesale bank centred -- financial advisor to Equinox Minerals Limited on its
in Canada with a reputation $7.3 billion sale to Barrick Gold;
for consistent and -- lead manager of Intact Financial Corporation's $962
sustainable earnings, million common equity offering - the largest Canadian
for bought deal in 2011 - and lead arranger of $1.6 billion
risk-controlled growth in credit facilities for Intact;
and for being a well-managed -- financial advisor to Ontario Power Generation's award-winning
firm known for excellence $1.9 billion debt financing program to fund the redevelopment
in everything we do. and expansion of four hydroelectric generating stations
on the Lower Mattagami River; mandate included acting
as joint bookrunner on the program's inaugural $475 million
bond transaction;
-- joint bookrunner on two unsecured debenture offerings
for Bell Canada totalling $2.0 billion;
-- sole lead arranger for a $1.5 billion revolving credit
facility for TransAlta; and
-- lead manager of the Whistler Blackcomb Holdings Inc.,
Parallel Energy Trust and Pretium Resources Inc., Initial
Public Offerings (IPO), as well as senior co-manager
of the General Motors IPO.
Being the premier client-focused Our client-focused strategy
CIBC completed 35 IPOs, wholesale bank positions us well to achieve
raising $2.2 billion, Our mission and goal for a strong market position
more than any other Canadian Wholesale Banking have remained in our key business categories,
financial unchanged since 2008. We including equity trading
institution this fiscal continue to focus on being and underwriting, mergers
year. the premier client-focused and acquisitions, corporate
wholesale bank, with a mission and government debt underwriting
of bringing Canadian capital and loan syndication. Our
markets products to Canada corporate lending capability
and is a key priority and we
the rest of the world and are making significant
bringing the world to Canada. progress in this area.
Michelle Khalili - Managing Director, Equity Capital Markets,
Wholesale Banking, CIBC - 2011 recipient of the Women in Capital
Markets Award for Leadership. Kevin Li - Managing Director and
Head, Diversified Industries and Corporate Finance, Wholesale
Banking, CIBC - Named one of Canada's Top 40 Under 40.
Growing and developing our business while maintaining a risk
discipline
Identifying growth opportunities -- Expansion of our lending -- Building a leading
Within Wholesale Banking activities technology
we continue to look for internationally, leveraging capability to further
new ways to grow and develop our existing industry expertise strengthen our
our business. to drive ancillary growth track record of delivering
In addition to opportunities in other Wholesale Banking innovation
for risk- controlled growth products and services globally. and access for our clients.
in our core Canadian-based -- Global expansion of investment
businesses, we are focusing banking, building our international Our vision is to be our
on selective expansion presence by advising corporations clients' preferred
in our regional markets in industries where we have wholesale banking partner
and development of new a longstanding tradition across multiple
products and services that of expertise and service products, services and
meet the needs of our clients - for example, the resource markets.
as well as the risk profile and mining sectors.
of CIBC. -- Growth of foreign exchange
Within Wholesale Banking by expanding our global distribution
we have identified and capability and our product
assessed a number of opportunities options. -- Expansion of
that will support our growth our infrastructure
including: finance activities by growing
our market position in Canada.
CIBC launched the CORE platform this year, a ground-breaking
smart-order routing engine for equity trading.
Expanding -- CIBC was the leading M&A
beyond Canada advisor in Canada, based * Brendan Woods International ranked CIBC's research
while on dollar value of announced team #3 in Canada, with nine all-star analysts.
reaping awards deals, according to Thomson
on home Financial.
ground -- Our Foreign Exchange business The largest electronic
In support of ranked initiative in our cash
these #1 for market share gains equities business this
opportunities, in foreign exchange volume year was the delivery of
this year we with clients who trade under the CORE platform - a groundbreaking
opened a $5 billion a year, byEuromoney's smart order routing engine
new Wholesale 2011 annual survey. that combines ultra-fast
Banking * CIBC was named a 2011 Greenwich Associates Quality processing speed with powerful
office in Leader in Canadian Foreign Exchange Service. risk filters in a single
London, equity trading platform.
England The service and value we
and a new -- Leader in Canadian Equity deliver to our clients
Corporate Trading - #1 and the breadth of our
Credit in volume, value and number product offerings are being
Products of trades. recognized and are helping
office in -- #1 in Direct Market Access to build our reputation
Houston, among Canadian bank-owned as a premier client-focused
Texas. These dealers by the Forefactor wholesale bank.
openings Canadian Investment Technology
highlight our Awards 2011.
commitment
to building
our
capabilities
to address
the needs of
our clients
who are
increasingly
expanding
their markets
globally.
In 2011,
CIBC's
wholesale
banking
business was
recognized
as a leader in
many areas:
Client-focused strategy Profitable leadership in Grow with CIBC
core businesses
-- Premier client-focused -- Building and growing
capabilities in our our corporate credit * Expanding our credit, investment banking and capital
investment capabilities markets activities in key global markets
banking and capital markets -- Leading the way in
businesses electronic
-- Top-ranked research trading * Building technology solutions to meet client demands
expertise for speed, security and convenience
-- Longstanding
relationships
with many of Canada's * Supporting and financing Canadian infrastructure
leading projects
private and public sector
enterprises
CIBC has had a long-term commitment to supporting breast cancer
initiatives and in 2011, marked its 15(th) anniversary as proud
title sponsor of the Canadian Breast Cancer Foundation CIBC Run for
the Cure. Over 13,000 CIBC employees, friends and family took part
in this year's event and helped raise $3 million. Since 1992, Team
CIBC has raised almost $30 million towards the Foundation's vision
of creating a future without breast cancer.
Corporate Responsibility
Our commitment to corporate responsibility extends from our
vision, mission and values and is integrated into our operations
and business practices. We recognize that the long-term success and
viability of our business is closely linked to the confidence and
trust our clients and stakeholders have in our organization.
This year, CIBC has developed Economic contribution What matters to our clients
a framework to help guide CIBC is a major contributor - we continually look for
our performance and enhance to the Canadian economy ways to make banking easier
our overall reporting capabilities and to the communities in and more flexible for our
based on our which we work and live. clients by offering greater
economic, environmental, access and choice, broader
social and governance (EESG) We generate economic growth community and business
commitments. We continue and prosperity by creating support, and ensuring transparency
to focus on: employment opportunities, and accountability in our
-- providing accessible purchasing local goods and business dealings.
and affordable services, supporting small
banking to Canadians; business, helping our clients
-- advancing the goals achieve their financial
of small business; goals and by addressing
-- creating an environment community development issues
where all that matter to Canadians.
employees can excel;
-- making a real difference
in our
communities; and
-- protecting our environment.
CIBC's online Corporate Responsibility Report and Public
Accountability Statement will be available in February 2012 at
www.cibc.com.
Environmental responsibility On December 1, 2010, participating Wholesale Banking
Our environmental policy employees and CIBC Wood Gundy
commits CIBC to responsible Investment Advisors together with clients donated
and sustainable growth their fees and commissions to support
while protecting and conserving children's charities across Canada. CIBC Miracle
the environment, safeguarding Day raised a record $4.1 million in 2010 and
the interests of all CIBC more than $60 million since its inception in 1984.
stakeholders from unacceptable
levels of environmental
risk, and supporting the
principles of sustainable
development.
94% of paper used is FSC-certified
Social investment
CIBC's success comes from
fulfilling the commitments
we have made to each of
our stakeholders - creating
an environment where all
employees can excel, making
a real difference in our
communities, and helping
our clients achieve what
matters to them.
Our employees - we focus
on what matters to our
employees such as access
to career and development
opportunities, safe and
healthy workplaces, effective
training, and positive
work-life balance. These
efforts help ensure that
employees are able to
perform at their best,
contribute to their communities
and advance CIBC's vision
of being the leader in
client relationships.
Achieved our highest recorded
Employee Commitment Index
CIBC helped 30 grade 10
students make
their post-secondary dreams
a reality
through the CIBC Youthvision
Scholarship
Program. Over 390 scholarships
have been
awarded since 1999.
Our communities - we are a cure. We care about the
committed to causes that communities we live in
matter to our clients, employees and work each day to make
and communities. Our goal them stronger.
is to make a difference
through corporate donations, Governance practices
sponsorships and the At CIBC, we conduct our
volunteer spirit of our business with honesty and
employees. integrity. We hold ourselves
accountable for our actions
More than $35 million invested and strive to fulfill the
to support communities across commitments we have made
Canada to each of our stakeholders.
These
Percentage of community values guide our behaviour
investment by Kids, and performance, and help
Cures and Community. to maintain the trust and
confidence placed in our
CIBC is committed to investing organization.
in Kids, Cures and Community.
We care about nurturing Among top 1% of companies
and educating Canada's children rated for best-in-class
and young adults so they corporate governance -
can build a better future. GMI
We care about bringing hope
and relief to people fighting
cancer so together we can CIBC is an Imagine Canada
find Caring Company
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR LLFLSFDLTIIL
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