Business provides insight, funding and execution to the
technology & innovation sector
TORONTO, Jan. 8, 2018 /PRNewswire/ - Today, CIBC (TSX:
CM) (NYSE: CM) introduced CIBC Innovation Banking, a
full-service business that delivers strategic advice and funding to
North American technology and innovation clients at each stage of
their business cycle, from start up to IPO and beyond. CIBC
Innovation Banking brings extensive experience and a strong,
collaborative team that extends across commercial banking and
capital markets in Canada and the
U.S.
"Developing, growing and implementing new technology is critical
to driving the innovation economy. At CIBC, we are embracing the
opportunity to help early and mid-stage technology companies
compete and accelerate growth in this fast-evolving and growing
sector," said Roman Dubczak,
Managing Director and Head, Global Investment Banking, CIBC. "We're
committed to becoming one of North
America's leading client-focused banks in the innovation
ecosystem."
In addition to tailored advisory expertise and financing
solutions, CIBC Innovation Banking clients benefit from cash
management, deposit, personal wealth and capital markets services
to help grow their business and succeed in the North American
innovation economy.
To further deepen its capabilities and complement CIBC Bank
USA's existing commercial banking
team that focuses on this growing sector, CIBC also announced today
that it has acquired the loan assets of Wellington Financial Fund V
LP ("Wellington Financial") as part of CIBC Innovation
Banking. Wellington Financial joins CIBC Innovation Banking
bringing aboard its strong team, proven track record and
relationships.
Based in Toronto with U.S.
presence in New York City and
Menlo Park, Wellington Financial is
a leading, privately-held provider of growth capital to early and
mid-stage technology companies. Founded in 2000, Wellington
Financial has deep expertise in venture lending in Canada and the U.S. across five different
institutionally-backed funds.
"We have a well-established and highly connected CIBC Innovation
Banking team that spans across our bank, including our U.S.
Commercial Banking team in Chicago, and specializes in servicing clients
in this important sector on both sides of the border," said
Jon Hountalas, Senior Executive
Vice-President and Group Head, Canadian Commercial Banking and
Wealth Management, CIBC. "As part of that focus, we are pleased to
welcome Wellington Financial, a leading venture lender, to
CIBC. Mark McQueen and the
Wellington team bring an
exceptional client focus and specialized experience and
capabilities that will further strengthen our business and ability
to serve clients."
"CIBC shares our razor sharp focus on what is now a core sector
of the North American economy," said Mark
McQueen, President and Executive Managing Director, CIBC
Innovation Banking. "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. CIBC
represents the perfect partner for our team and the tech ecosystem
as a whole."
CIBC has a culture dedicated to innovation from investing in
specialized talent, to establishing a Technology Lending Program
and building Digital and Data labs to achieve strong outcomes for
its clients. By pairing this culture with its capital, CIBC will
continue serving the entrepreneurs and businesses that play a key
role in driving the North American economy.
About CIBC
CIBC is a leading Canadian-based global
financial institution with 11 million personal banking, business,
public sector and institutional clients. Across Personal and Small
Business Banking, Commercial Banking and Wealth Management, and
Capital Markets businesses, CIBC offers a full range of advice,
solutions and services through its leading digital banking network,
and locations across Canada, in the United
States and around the world. Ongoing news releases and more
information about CIBC can be found
at https://cibc.mediaroom.com/.
SOURCE Canadian Imperial Bank of Commerce