What were the reasons for you wanting to join LBMA and what do you see as the key benefits of membership?
Canadian Imperial Bank of Commerce (CIBC) has been active in the metals market for many years, with a primary focus on our mining franchise. Recently, we have expanded our metals offering by becoming more active in physical markets and inventory finance. CIBC is excited to actively work with other members in the bullion community to further LBMA’s goals in promoting a robust and fair market with a focus on responsible sourcing.
Could you tell us about your company’s role in the precious metals market?
CIBC provides a full suite of precious metals products, including derivatives, and physical and inventory financing solutions to commercial, corporate, institutional and high-net-worth individuals. Being involved in the complete value chain of the precious metals life cycle and with extensive expertise in the market, we offer our clients unique solutions, thereby enabling them to focus on their core business.
Please tell us the background and history of the company.
CIBC is a relationship-oriented bank for a modern world, committed to creating enduring value for our clients, team and communities as we activate our resources to build a more secure, equitable and sustainable future. Our ability to create value for all CIBC stakeholders is driven by a business culture based on common values: trust, teamwork and accountability. What sets us apart is how we connect as one team aligned to our common purpose – making ambitions real.
In 2017, CIBC acquired Private Bancorp, a commercial bank headquartered in Chicago. Now branded CIBC Bank USA, its comprehensive services for mid-market institutions include asset backed lending, equipment finance, treasury management, commercial real estate, private wealth management and now metals financing. This provides a leading, full service offering for clients involved in the metals industry.
How has the COVID-19 pandemic changed your business and what lasting impacts do you think it will have on the market?
The COVID-19 pandemic along with international conflicts have created significant disruptions to the global metals supply chain. CIBC works closely with its clients to navigate these challenges through its growing global network, ensuring they have the support needed as their priorities evolve.
What are your future plans for the business in the coming years?
We will continue to deliver strong growth across our business through the execution of a client-focused strategy. Across CIBC, our highly connected and purpose-driven team will continue to move our bank forward as we create positive change and help make ambitions a reality.