page_title: Canadian Imperial Bank of Commerce
section_title: 21st century
hierarchical_section_title: Canadian Imperial Bank of Commerce / History / 21st century
caption_attribution_description: English: CIBC FirstCaribbean International Bank's head office in Warrens, St. Michael, Barbados.. Located at the junction of ABC Highway and Highway 2, Everton Weekes roundabout.
context_page_description: The Canadian Imperial Bank of Commerce, commonly referred to as CIBC, is one of the "Big Five" banks in Canada. The bank is headquartered at Commerce Court in Toronto, Ontario. CIBC's Institution Number is 010, and its SWIFT code is CIBCCATT. It is also one of the two major banks originally founded in Toronto alongside Toronto-Dominion Bank.
  The Canadian Imperial Bank of Commerce was formed through the June 1, 1961, merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, the largest merger between chartered banks in Canadian history.
  The bank has four strategic business units: Canadian Personal and Small 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.
context_section_description: In 2000, CIBC signed an agreement with the New York-based Aplettix Inc., a firm specializing in secure transaction systems in the banking sector; although the partnership was later abandoned for alternatives such as VeriSign.
  The early 2000s saw the bank divest from its real estate and investments outside of its business strategy. In 2000, CIBC sold its 10 per cent stake to Rogers Media. CIBC was a minority shareholder in Major League Baseball's Toronto Blue Jays, with partner Labatt's Breweries from their inception in 1977. The CIBC Leadership Centre in King City, was sold to Benchmark Hospitality in 2001. In 2002, CIBC disbanded Amicus FSB, and sold its assets to E*Trade Bank. Amicus FSB was formed in 1999 in the United States with Winn Dixie and Safeway Inc. under the Marketplace Bank and Safeway Select Bank brands. In the same year, CIBC signed a 10-year agreement with TSYS of Columbus, Georgia to outsource credit card processing operations.
  In 2004, the bank sold Juniper Financial Corporation to Barclays Bank. Juniper Financial was previously acquired by CIBC in 2001. The bank sold EDULINX Canada Corporation to Nelnet Canada Inc., the Canadian unit of Nelnet, Inc., in late 2004. Li Ka Shing was the largest foreign shareholder in the bank for over two decades, but in early 2005 he sold his portion (est. C$1.2 billion) to establish a Canadian charity, the Li Ka Shing Foundation. CIBC was Li's choice for financing many of his Canadian ventures, like Husky Energy. Li had reportedly backed personal and commercial banking head Holger Kluge to succeed Al Flood as CEO of CIBC in 1999.
  CIBC sold its corporate and purchasing credit card business to U.S. Bank Canada in October 2006 which joined it with business charge cards it previously acquired from Royal Bank of Canada. In the same year, CIBC's stock ticker symbol on the New York Stock Exchange changed from BCM to CM to bring it in line with the ticker symbol on the Toronto Stock Exchange. 
  In December 2006, CIBC acquired majority control of its publicly held joint venture FirstCaribbean International Bank for just over US$1 billion, (Bds$2 billion), when it purchased the 43.7% stake owned by Barclays Bank. CIBC rebranded the division CIBC FirstCaribbean International Bank in 2011.
  On February 12, 2009, the Trinidad and Tobago Express reported that CIBC was pursuing discussions to buy CL Financial's stake in the Republic Bank of Trinidad and Tobago. As part of a "bail out" agreement of CL Financial by the government of Trinidad and Tobago during the Global financial crisis of 2008–2009, the corporation was required to sell Republic and other assets.  As of February 2011, CL Financial had yet to agree to a sale.
  In February, 2010 CIBC became the first chartered bank in Canada to launch a mobile banking iPhone App. It surpassed 100,000 downloads in just over one month following launch, with over 1 million client logins to CIBC Mobile Banking since its introduction. Four months later, the bank announced it signed a deal to buy a C$2.1-billion credit card portfolio from Citigroup's Citibank Canada MasterCard business. Finally in October of that year, CIBC announced that it would be the first bank in Canada to introduce the internationally used Visa-branded debit card.
  In April 2013, CIBC reached an agreement with Invesco to acquire Atlantic Trust, the company's wealth management unit for US$210 million.
  CIBC announced in June 2016 that it would acquire the Chicago-based commercial bank PrivateBancorp for US$3.8 billion.  The sale completed in June 2017 and in August PrivateBank announced it would rebrand itself as CIBC Bank USA.
  In April 2017, CIBC, announced it would move its headquarters to the Bay Park Centre under development by Hines Interests Limited Partnership and Ivanhoé Cambridge.  Under the terms of its lease, the complex became CIBC Square. In November 2018, CBC reported that CIBC was among the top brands used in phishing attacks, with the bank seeing a surge in fake mail attempts that prior quarter by 600%.
caption: Head office for FirstCaribbean International Bank in 2010, a year before the bank was re-branded under CIBC.
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