Funds will support bursaries and scholarships through Indspire

TORONTO, May 8, 2014 /CNW/ -  CIBC (TSX: CM) (NYSE: CM) is proud to announce a $1 million donation to fund bursaries and scholarships for Indigenous students through Indspire, the largest non-government funder of education for Canada's First Nation, Inuit and Métis students. CIBC's donation will be matched by the federal government for a total of $2 million to Indspire's Building Brighter Futures Bursaries and Scholarship Awards program.

"CIBC is committed to building strong communities across the country," said Gerry McCaughey, President and CEO of CIBC. "We are proud to continue our long-standing support of Indspire and help equip Indigenous youth with the education and skills they need to build a better future."

CIBC's donation will fund the CIBC Achiever Awards that will provide First Nations, Inuit and Métis youth with renewable bursaries and scholarships in the arts, humanities and business administration. The funds will support student needs ranging from textbooks and tuition, to childcare and daily living expenses, to help remove barriers that prevent Indigenous students from pursuing post-secondary education or training.

"Today, CIBC is making a solid investment in Indigenous education," said Roberta Jamieson, President and CEO of Indspire. "Canada's economic prosperity depends on an educated and skilled workforce, and that means engaging Indigenous youth, who are Canada's fastest growing demographic."

Since 1994, CIBC has committed more than $5.3 million to Indspire in support of bursaries, scholarships, a career fair and a mentoring program to help Indigenous youth, as well as long-time sponsorship of the annual Indspire Awards, which honours Indigenous Achievers. This year will mark CIBC's 21st year as sponsor of the Indspire Awards, which will air May 9 on Global TV and May 10 on APTN.

The CIBC Achiever Awards are part of the bank's legacy commitment to Aboriginal youth as lead partner of the 2015 Pan and Parapan Am Games.

About CIBC
CIBC is a leading North American financial institution with 11 million personal banking and business clients. CIBC is committed to supporting causes that matter to our clients, our 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 2013, CIBC contributed more than $41 million to 1,870 charitable and non-profit initiatives in over 430 communities. You can find other news releases and information about CIBC in our Press Centre on our corporate website at www.cibc.com.

SOURCE CIBC