CIBC celebrates $500,000 commitment to Memorial University in Mount Pearl
today

- Funds will support undergraduate faculty of business bursaries at Memorial University

- Cheque presentation at CIBC Mount Pearl branch at 10:15 a.m. with photo opportunities

MOUNT PEARL, NL, Oct. 20 /CNW/ - Today at 10:15 a.m., CIBC is pleased to announce a $500,000 donation to Memorial University to support undergraduate bursaries to Memorial University's business students with a donation presentation at the CIBC Mount Pearl branch.

Each year, the CIBC Bursary Program in Business Administration will support fifteen, $2,000 bursaries and twenty, $1,000, bursaries, over 10 years, to undergraduate students who demonstrate financial need, are active in community or university life and display academic merit.

"At CIBC, we believe in making a difference where we live and work," said Sonia Baxendale, Senior Executive Vice President, CIBC and President, CIBC Retail Markets. "We are pleased to provide funding for these bursaries that will help young people access higher education and build successful careers."

"With a strategic focus on youth and education, CIBC is a leader in supporting causes that matter to communities," said Memorial's Chancellor, General Rick Hillier (Ret'd). "Memorial shares CIBC's commitment to community, and applauds CIBC for helping advance our outreach efforts by providing funding that will encourage more business students to contribute to their communities in leadership roles."

CIBC has a long-standing relationship with Memorial University that dates back nearly 30 years. Today's gift announcement is the largest single contribution CIBC has made to the university which takes CIBC's total giving to over $765,000.

About Memorial University

Founded in 1925 as a living memorial to Newfoundland's war dead, Memorial University College was elevated to degree-granting status in 1949 as Memorial University of Newfoundland. Today, the university is the largest in Atlantic Canada, with over 17,000 students. Memorial provides excellent undergraduate, graduate and professional programs in virtually all disciplines.

Memorial's Faculty of Business Administration is recognized as a leader in Canadian business education, offering innovative programs at the undergraduate and graduate levels. Graduates of the faculty occupy positions of leadership in private and public sectors provincially, nationally, and internationally, and its undergraduate and graduate students boast the best case competition record among Canadian universities. The faculty is home to the Gardiner Centre, which provides executive education, management development and business solutions to client organizations and individuals. For more information, visit www.business.mun.ca.

About CIBC

CIBC is committed to supporting causes that matter to our clients, employees and our communities. We aim to make a difference in communities through corporate donations, sponsorships and the volunteer spirit of employees. With a strategic focus on youth, education and health, and employee commitment to causes including the Canadian Breast Cancer Foundation CIBC Run for the Cure, the CIBC Children's Foundation and United Way, we are investing in the social and economic development of communities across the country. In 2009, $26.8 million was contributed through the CIBC group of companies to charitable and non-profit initiatives in Canada, supporting a wide variety of national, regional and local organizations. To learn more, visit www.communitymatters.cibc.com.

For further information: Media contact: Ellen Townshend, CIBC Community Relations Manager, Atlantic Canada, 902-448-7975 or [email protected]