Donation supports new bursaries and development of Trades and Technology Complex

CALGARY, March 9, 2012 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced a $375,000 donation to SAIT Polytechnic. CIBC's donation will create eight new bursaries for students enrolled in SAIT's School of Business as well as provide support for thousands of skilled technicians and technologists over the next decade through the development of a new Trades and Technology Complex, scheduled to open this fall.

"At CIBC, we are committed to investing in young adults so they can build a better future," said Hon. Jim Prentice, Senior Executive Vice President and Vice Chairman of CIBC, who was on-site to present CIBC's donation to Irene Lewis, SAIT President and CEO. "As we look ahead at the changing economic environment over the next decade, we will need a steady supply of highly skilled and professional workers. SAIT's graduates are key to filling this need and will play an integral role in moving Canada's economy forward."

SAIT's School of Business provides skills-based, practical business education and partnerships with industry organizations. Programs range from certificates to a Bachelor of Business Administration (Accounting).

"While post-secondary education is an exciting time for our students, there can be a number of stressors that go along with successful completion of a program," says President Lewis. "These CIBC bursaries will ease the financial burden for the successful recipients and allow them to focus more fully on their studies. On behalf of the SAIT community, I thank CIBC for their generous support of SAIT students with this financial gift."

SAIT's $400 million new Trades and Technology Complex which will house the MacPhail School of Energy, the School of Construction, the School of Manufacturing and Automation, the Enerplus Innovation Centre and the Career Exploration Centre. The complex is scheduled to open this fall and will add 740,000 sq. ft. of state-of-the-art work and study space, which will translate to an additional 20,000 skilled technicians and technologists in next 10 years.

About CIBC: CIBC is committed to supporting causes that matter to our clients, employees and our communities. We aim to make a difference in communities through corporate donations, sponsorships and the volunteer spirit of employees. With a strategic focus on Kids, Cures and Community, and employee commitment to causes including the Canadian Breast Cancer Foundation CIBC Run for the Cure, the CIBC Children's Foundation and United Way, we are investing in the social and economic development of communities across the country. In 2011, CIBC contributed over $35 million to charitable and non-profit initiatives in Canada to support national, regional and local organizations. To learn more, visit www.cibc.com

About SAIT: SAIT Polytechnic is one of Canada's most exciting destinations for post-secondary education, offering more than 100 career programs that position people for success in technology, trades and business. A leader in innovation, SAIT also collaborates with industry on applied research and delivers corporate training worldwide. www.sait.ca