The Canadian Imperial Bank of Commerce is targeting the technology industry – and its most tech-savvy customers – with its newest 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. “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.”
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 tailor-made advisory expertise and financing solutions, CIBC Innovation Banking will provide its clients with cash management, deposits, personal wealth and capital markets services, and will have access to the capital networks developed by Wellington Financial’s New York City and Menlo Park Silicon Valley branches.
According to the release, Wellington Financial has developed partnerships with five different institutionally-backed funds since being founded in 2000.