CIBC - TD Bank Merger
Proposed Merger of CIBC and TD Banks in 1998
Dateline: 04/20/98
A second planned merger of two of the Big Six banks in Canada wasn't long in coming. The Canadian Imperial Bank of Commerce (CIBC) and the Toronto Dominion Bank have also announced plans to merge, pending shareholder and government approvals.
Here are some of the details on the proposed new Canadian megabank:
- will use the name Canadian Imperial Bank of Commerce (CIBC)
- Al Flood, currently Chairman and CEO of CIBC, will be Chairman of the new bank; Charles Baillie, Chairman and CEO of TD Bank, will serve as Chief Executive Officer and President
- the new bank will have over 10 million customers
- it will have over 74,000 employees
- shareholders' equity will be over $18-billion
- market capitalization will be $44-billion, making it the ninth largest bank in market capitalization in North America and 21st in the world
- its assets will be $460 billion
- it will have more than 6000 ABMs
- it will operate 2300 retail outlets
- it will have the highest credit card sales volumes in Canada
- a combination of TD Green Line Investor Services and Waterhouse and CIBC's Investor's Edge will create the second largest discount broker in the world
Related Resources
- Government Decision on Bank Mergers 1998
- Proposed Merger of Royal Bank and Bank of Montreal 1998
- Canadian Banks
