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Canadian Imperial Holdings, Inc. history
Canadian Imperial Holdings, Inc. company history timeline
Our history begins with the founding of The Canadian Bank of Commerce on May 15, 1867.
1867: After buying the Bank of Canada charter, William McMaster changes its name to the Canadian Bank of Commerce and opens for business in Toronto.
In May 1893 the bank joined the Canadian push westward by establishing a branch in Winnipeg.
In 1898 branches were established in Dawson City, Yukon Territory; Vancouver, British Columbia; and Skagway, Alaska.
At the time of the stock market crash in 1929, the Canadian Bank of Commerce's assets were C$801 million.
In 1969 CIBC added 46 new branches while expanding its workforce by only 5 percent.
By 1970, annual profits had risen to C$43 million, more than twice what they had been at the time of amalgamation.
In 1976 Russell E. Harrison succeeded Wadsworth as chairman and CEO of CIBC. Harrison tended to run the bank in an autocratic manner.
In May 1984 R. Donald Fullerton took over as CEO and set about restructuring the bank's operations.
1986: CIBC divides its operations into three units: the Individual Bank, the Corporate Bank, and the Investment Bank.
In August 1987 the Canadian government issued a guideline that required banks to set aside a large sum to protect against possible losses on loans to Third World countries.
When necessary revisions to the federal Bank Act went into effect in 1992, CIBC completed the acquisition, which formed the basis for CIBC Trust.
Furthermore, CIBC's loan portfolio was much more secure by 1995 than it had been only a few years earlier.
1998: CIBC's proposed merger with the Toronto-Dominion Bank is blocked by the Canadian government.
1999 and Beyond: Restructuring Under Hunkin
Thus in October 2002 CIBC announced that it would shut down the United States operations of Amicus; the Canadian arm, which appeared to be on the road to profitability, would continue to operate.
2003: The bank sells its Oppenheimer private client and asset management businesses in the United States.
He was appointed in 2007 to head a panel reviewing Canada’s future involvement in Afghanistan.
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Canadian Imperial Holdings, Inc. may also be known as or be related to CANADIAN IMPERIAL HOLDINGS INC, Canadian Imperial Holdings, Canadian Imperial Holdings Inc and Canadian Imperial Holdings, Inc.