The fund is available as an ETF (ticker: CCLO) trading on CBOE Canada. It’s also actively managed by CIBC’s structured credit team.
The Canadian Imperial Bank of Commerce is the “youngest” large bank in Canada. It was formally established in 1961, after the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada.
The Canadian Bank of Commerce was founded by William McMaster to challenge the Bank of Montreal. A few years later, the Imperial Bank of Canada was founded by Henry Stark Rowland, the former Vice President of Canadian Bank of Commerce.
Both banks grew into their respective niches in the decades that followed. It was Imperial Bank’s former chairman L. Stuart Mackersy who presented the then Commerce president Neil McKinnon with the proposal of merging the two banks. This came as the national economy was booming, due to Canada’s capitalizing on the now-industrialized way of harnessing its natural resources.
So, on the first of June 1961, the merger was completed with the creation of the Canadian Imperial Bank of Commerce. The bank now has more than 1,200 branches in the country. This consolidation would be considered as the largest merger of two chartered banks in Canadian history.