CIBC targets tech-savvy businesses with new Innovation Banking arm

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.

Would you recommend this article?

Share

Thanks for taking the time to let us know what you think of this article!
We'd love to hear your opinion about this or any other story you read in our publication.


Jim Love, Chief Content Officer, IT World Canada

Featured Download

Eric Emin Wood
Eric Emin Wood
Former editor of ITBusiness.ca turned consultant with public relations firm Porter Novelli. When not writing for the tech industry enjoys photography, movies, travelling, the Oxford comma, and will talk your ear off about animation if you give him an opening.

Related Tech News

Get ITBusiness Delivered

Our experienced team of journalists brings you engaging content targeted to IT professionals and line-of-business executives delivered directly to your inbox.