CIBC wins Financial Innovation Award

Toronto - 21 December 2006

CIBC has won a 2006 ifs/Capgemini Financial Innovation Award for its successful implementation of the Operations & Technology Integrated Strategy (OTIS), which has completely transformed the bank's back office platform.

The OTIS program, implemented in partnership with Capco, earned CIBC the award for Most Effective Back Office Initiative-Mainstream, at a ceremony held in London, England. CIBC was the only Canadian bank honored with a Financial Innovation Award in 2006.

"CIBC has successfully risen to a challenge that many banks avoid because of the scale and the risk, and has transformed the operational platform on which the bank is based," said industry advisor and award judge Dr. Tony Gandy.

The ifs/Capgemini Financial Innovation Awards are held annually to acknowledge and reward excellence in innovation among the world's financial services providers. The Institute of Financial Services (ifs) School of Finance is a leading provider of financial education to financial service professionals the world over. Capgemini is one of the world's foremost providers of consulting, technology and outsourcing services.

CIBC is a leading North American financial institution with more than 11 million personal banking and business customers. CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, in the United States and around the world.

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