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The largest merger of two chartered banks in Canadian history happened on June 1, 1961 — The Canadian Bank of Commerce (established 1867) and the Imperial Bank of Canada (established 1875) merged to form the Canadian Imperial Bank of Commerce (CIBC).
- CIBC Remembers
Like other Canadians, bank employees were quick to heed the...
- Quick Facts
CIBC is a leading North American financial institution...
- CIBC Remembers
The Canadian Imperial Bank of Commerce was formed through the 1961 merger of the Canadian Bank of Commerce (founded in 1867) and the Imperial Bank of Canada (founded in 1873), in the largest merger between chartered banks in Canadian history.
- Early History
- First World War
- Interwar Years
- Mid-20Th Century
- Late 20th Century – Early 2000s
- Current Operations
Of the two banks that eventually merged to form CIBC, the Canadian Bank of Commerce was created first, formed by businessman and philanthropist William McMaster in 1867. After taking over the troubled Gore Bank in 1869 (based in Hamilton, Ontario), it became the largest bank based in Ontario with 24 branches by 1874. This included its Montreal bran...
The First World War had a particular impact on the Canadian Bank of Commerce. Through his various financial entities — including the Canadian Bank of Commerce — bank president George Cox had financed the aggressive expansion of the Canadian Northern Railway by issuing bonds. The outbreak of war negatively impacted the rail industry in Canada and th...
Post-war, industrial growthin Canada ensured both banks would prosper. The Canadian Bank of Commerce maintained a strategy of growing by acquisition when it bought the most successful private bank in Canada at the time, Alloway and Champion Bank of Winnipeg, in 1919. It then purchased the Bank of Hamilton and its 145 branches in 1924, followed by t...
Both the Canadian Bank of Commerce and the Imperial bank of Canada participated in the government financing of the Second World War by selling Victory Bondsto their customers. As Canada’s economy recovered after the war, both banks resumed growing. This growth slowed for all banks in the 1950s because of increasing competition from other financial ...
In 1987, the federal and Ontario governments amended their legislation to allow banks to take ownership positions in stock brokerage firms (see Stock and Bond Markets). CIBC responded to this change by buying a 65 per cent stake in one of Canada’s oldest and largest stock brokerage firms, Wood Gundy(established in 1905) in June 1988 for $190 millio...
As the bank stabilized, it looked to other stable business areas to grow. In 2010, CIBC acquired New York based Citigroup’s Canadian MasterCard credit cardportfolio for $2.1 billion. In 2011, the bank acquired a 41 per cent interest in US-based asset management company American Century Investments and its US$112 billion under management. However, C...
CIBC’s history begins with the founding of the Canadian Bank of Commerce on May 15, 1867. Learn more about the history of CIBC.
CIBC is a leading North American financial institution providing financial services to customers across retail and small business banking as well as corporate and investment banking customers.
1875: Imperial Bank of Canada is established. 1961: The Canadian Bank of Commerce and the Imperial Bank of Canada merge to form Canadian Imperial Bank of Commerce (CIBC); it ranks as the largest bank in Canada, with total assets of C$4.6 billion.
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Sep 15, 2024 · The bank was established in 1858 as the Bank of Canada and reorganized in 1867 as the Canadian Bank of Commerce. The present name was assumed upon the merger in 1961 of the Canadian Bank of Commerce and the Imperial Bank of Canada (established in 1875).
