Canadian Imperial Bank of Commerce

one of Canada’s largest commercial banks. In 1971 the Canadian Imperial Bank of Commerce occupied second place among the nine Canadian chartered banks, which are licensed to operate under charters issued in accordance with the Banking Act of 1871.

Founded in 1867 under the name of the Canadian Commercial Bank, the Canadian Imperial Bank of Commerce acquired its present name in June 1961 after its merger with the Imperial Bank of Canada. The bank’s principal operations are attracting funds, advancing credit, and buying up securities. Although the Canadian Imperial Bank of Commerce conducts extensive operations abroad, the volume of its foreign operations is not equal to that of the Royal Bank of Canada or the Bank of Montreal. In terms of the number of branches in Canada (1, 500), the Canadian Imperial Bank of Commerce held first place in 1971. There are 19 branches in the USA (including one in New York), as well as two branches in London and 47 branches in Caribbean countries (Jamaica, Barbados, and Trinidad). In addition, there are several subsidiary banks that specialize in managing their clients’ estates—for example, the Canadian Bank of Commerce Trust Company in New York and banks with the same name in Jamaica, Barbados, and Trinidad. On Oct. 31, 1971, the basic balance sheets showed (in Canadian currency) a total balance of $11.4 billion, deposits of $10, 419 billion, loans of $5.711 billion, securities investments worth $2, 864 billion, and a paid-in capital of $69.7 million.