The PrivateBank takes CIBC name following June acquisition
TORONTO and CHICAGO, Sept. 18, 2017 /CNW/ - CIBC (TSX: CM) (NYSE: CM) announced today it will deliver its strong, innovative, relationship-oriented banking under a unified brand globally, as The PrivateBank now takes the name CIBC.
"The same team our clients have trusted at The PrivateBank is now backed by one of the strongest banks in North America with 150 years of providing exceptional client service," said Victor Dodig, President and CEO, CIBC. "As we build our North American platform, coming together under the CIBC brand sends a clear message that our clients on both sides of the border have even greater opportunities to help them reach their financial goals."
The PrivateBank's 36 branch locations and commercial banking business development offices now have the CIBC name. The PrivateBank and Trust Company will now conduct business as CIBC Bank USA, an indirectly, wholly owned subsidiary of CIBC. Additionally, The PrivateBank Theatre is now the CIBC Theatre and The PrivateBank Fire Pitch is now the CIBC Fire Pitch.
"The PrivateBank team is excited to join our CIBC colleagues under a name that is known for client-first focus and a commitment to building strong, vibrant communities," said Larry D. Richman, Senior Executive Vice-President and Group Head, CIBC U.S. Region, and President and CEO, CIBC Bank USA. . "As one CIBC, we will deliver more opportunities to our clients with the power of one of North America's strongest banks behind us."
CIBC completed its acquisition of The PrivateBank's former parent company in June 2017. Today, CIBC has nearly 50 U.S. offices in 18 states and provides commercial banking, corporate banking, private wealth management and community banking services. CIBC Capital Markets also provides global markets products and services, investment banking and corporate banking capabilities in the U.S.
CIBC is a leading Canadian-based global financial institution with 11 million personal banking, business, public sector and institutional clients. Across Personal and Small Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre.