The Canadian Imperial Bank of Commerce resulted from the merger of two banks: the Canadian Bank of Commerce and the Imperial Bank of Canada. CIBC has headquarters in Toronto, Ontario, but has many international branches as well. The multinational company has over 11 million clients and makes its name as one of the top banking organizations in Canada.
CIBC banking centre has four main banking units. These include Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, Canadian Personal and Small Business Banking, and Capital Markets. Whether you are looking for a reliable Canadian bank or bank stock to invest in, CIBC is one to keep an eye on.
What is the Canadian Imperial Bank of Commerce Known for?
Bank of Commerce, CIBC makes its name for being in the Big 5 leading banks in Canada. Not only are they are leading financial institution in Canada, but also in the U.S. In this year alone, they have won numerous awards. People recognize CIBC for being a successful business, giving back to the community, employee organizations, and a list of other achievements.
The Canadian Imperial Bank of Commerce is also known for its online banking. A number of different organizations recognize CIBC for being a top consumer digital bank. CIBC online banking features a convenient mobile banking app and sleek website design. CIBC has the top online banking satisfaction among the different mobile banking solutions offered (see our complete guide on best online banks here)
Who Owns CIBC Bank Canada?
CIBC is a large financial institution that has many shareholders. The top owners of CIBC include CIBC World Markets, Inc., CIBC Asset Management, Inc., RBC Global Asset Management, Inc, TD Asset Management Inc., and BMO Asset Management, Inc.
As for the governance of CIBC, the current president and CEO is Victor Dodig. The organization has many vice presidents to oversee the many tasks of the group.
Is CIBC a Chinese Bank?
CIBC is not a Chinese bank. It is the result of a merger of two Canadian banks.
William McMaster and Henry Stark Howland founded the original banks, the Canadian Bank of Commerce and Imperial Bank of Canada, respectively. Both men are Canadian, and Henry Stark was the Vice President of the Canadian Bank of Commerce.
CIBC is often confused to be a Chinese bank from the letters in the abbreviation of the company. The “C” for Canadian is commonly mistaken for “Chinese”. However, the Canadian Imperial Bank of Commerce does have global branches in China. While CIBC is a Canadian bank and company, they continue to expand their financial markets to clients in other parts of the world.
What is the CIBC slogan?
The CIBC slogan is, “For what matters”. This simple and short slogan shows that the bank focuses on the customer experience. This is clearly shown in their superior customer service solutions seen in mobile banking solutions.
The mission statement of CIBC is a clear one. “To deliver a simplified, modern everyday banking experience of all our clients”. With the different solutions the bank has to offer, the organization does just that.
Is CIBC a Good Canadian Bank?
Simply put, as one of the Big 5 banks in Canada, CIBC is a leading bank that has a strong international presence. The four branches of the bank allow CIBC to excel as a commercial bank, and for personal accounts. To better understand why CIBC stays in the Big 5 banks in Canada, let’s take a closer look at the four main services they offer.
Canadian Commercial Banking and Wealth Management
One of the main resources of CIBC is its commercial banking and wealth management. Your banking team helps to develop a financial strategy that is best for you. CIBC offers services for personal, family, and business needs. CIBC Commercial Bank works with CIBC Wealth Management to offer a wide range of strategic resources.
U.S. Commercial Banking and Wealth Management
CIBC also offers the same services for international customers in the U.S. They offer private, corporate, business, and family banking needs. CIBC offers long-term financial solutions that even clients out of the country have access to.
Canadian Personal and Small Business Banking
CIBC also offers extensive resources for personal and small business banking needs. They offer high-quality services including chequing and saving accounts, and competitive lending programs so you can focus more on yourself and your business.
Capital Markets
Canadian Imperial Bank of Commerce also has one of the largest capital markets: CIBC World Markets Inc. This subsidiary is a domestic and international investment bank that provides a variety of services in regards to capital markets and advisory.
While a “good” bank is hard to define, the Big 5 banks in Canada represent stable financial institutions you can trust. CIBC takes a spot in the top 5 for its extensive wealth management, banking solutions, and capital markets.
Is Candian Bank of Commerce Better than RBC?
RBC or Royal Bank of Canada is another Big 5 bank in Canada and is often compared to CIBC. We take a look at what the banks have to offer side by side to help you decide the right one for you.
Mobile Banking
RBC-Royal Bank of Canada offers an easy-to-navigate website. Through the website, you can access your accounts and other banking information. While the website is convenient, it could improve on the customer service front.
CIBC-CIBC has won awards for its mobile banking solutions for a reason. Their website and mobile app are a seamless solution to virtual banking. They excel in ease of navigation, speed, banking content, and visual appeal.
Chequing Accounts
RBC– RBC offers four different chequing accounts including the RBC Day to Day Banking, RBC Advantage Banking, RBC Signature No Limit Banking, and RBC VIP Banking. The drawback of these accounts is that there is a monthly maintenance fee. The fees range from $C4-$C30 to fit the client’s needs.
CIBC-This bank offers three main chequing accounts to meet your needs. These include the CIBC Smart, Smart Plus, and Everyday Chequing accounts. The different solutions feature different resources including unlimited transactions, ATM withdrawals, rebates on credit cards, and more. The different options allow their clients to choose one that best fits their needs.
Savings Accounts
RBC-Just like CIBC, RBC offers 4 different savings accounts that all do not have any monthly fees. Another perk is that there is no minimum balance required. They offer high-interest accounts, but also have limited withdrawals.
CIBC-The bank offers 4 different savings accounts for different needs. These include the CIBC Bonus Savings Account, CIBC eAdvantage Savings Account, CIBC Premium Growth Account, CIBC US$ Personal Account. The company offers competitive interest rates, which make CIBC a top choice for many. Their eAdvantage account has an impressive .05% rate.
Credit Card
RBC– RBC offers different credit card options for different categories. These include travel, rewards, cashback, low-interest, student, and business. They have some of the top travel cards offered by the top 5 banks in Canada (see this post for best Aeroplan Credit Cards).
CIBC-CIBC offers a large range of different credit cards to choose from. They offer 21 Visa cards, the most popular being the CIBC Aventura Visa Infinite. With all the different options, you are sure to find the credit card for you. There are options for personal cards as well as business cards.
Bank Stocks
RBC-RBC remains one of the safest bank stocks to buy. It is the largest bank in Canada and has a high dividend yield. Despite the pandemic, the bank is beginning to outperform in earnings and profit. If you are looking for a safe investment that will likely guarantee dividend yield growth, RBC is your best bet.
CIBC– CIBC stock may be one to look into since it remains one of the more affordable stocks. They are performing at a high P/B ratio (performance-to-book) and are performing better than historical averages. The dividend yield may not be as high as other banks, but the growth is steady.
While RBC is the largest bank in Canada, CIBC is not far behind. Both banks have a lot to offer. If you are looking for a bank with a better mobile banking solution, CIBC may be your answer. If you are deciding which stock to invest in, RBC may be a safer bet. Also, for a more thorough comparison of the two banks, click here.
The Bottom Line
CIBC makes its name as one of the top banks in Canada for many reasons. Whether you are looking for a corporate or personal banking solution, CIBC has you covered. With the international exposure the bank has, you are sure to find a branch near you. CIBC’s mobile banking solutions also match the current virtual culture.
While CIBC may not be the largest bank in Canada, they offer a great network of resources for any type of customer. Depending on what features you are looking for, CIBC is a stable bank to depend on and invest in.
