The Canadian Imperial Bank of Commerce is targeting the technology industry – and its tech-savviest clients – with its latest division.
On Monday the 150-year-old institution announced the launch of CIBC Innovation Banking, a full-service business that will fund and support North American technology startups and businesses that incorporate tech into their operations.
“Developing, growing and implementing new technology is critical to driving the innovation economy,” Roman Dubczak, CIBC’s global investment banking head, said in a Jan 8 statement. “We’re committed to becoming one of North America’s leading client-focused banks in the innovation ecosystem.”
CIBC also used the occasion to announce the acquisition of Toronto-based Wellington Financial, a privately-held venture capital firm that specializes in early and mid-stage technology companies whose president and CEO, Mark McQueen, will lead CIBC Innovation Banking as its president and executive managing director.
“CIBC shares our razor sharp focus on what is now a core sector of the North American economy,” McQueen said in the Jan. 8 statement. “We are excited to join the team and look forward to continuing to serve the needs of entrepreneurs and venture capital funds with a broad range of capital solutions to grow their businesses and compete in a dynamic industry.”
In addition to tailored advisory expertise and financing solutions, CIBC Innovation Banking will provide clients with cash management, deposit, personal wealth, and capital markets services. The company will also have access to the capital networks developed by Wellington Financial’s satellite offices in New York City and Silicon Valley’s Menlo Park.
According to the release, Wellington Financial has developed partnerships with five different institutionally-backed funds since being founded in 2000.