CIBC commits $1.5 million to support the advancement of women in financial services and business leadership

CIBC will fund scholarships and diversity education at Rotman School of Management and Richard Ivey School of Business along with internships and mentors

TORONTO, March 7, 2014 /CNW/ - (CM: TSX) (CM: NYSE) is proud to mark International Women's Day with the announcement of a $1.5 million investment to support the leadership advancement and development of women in finance at two of Canada's premier business schools.

CIBC is supporting its commitment to the advancement of women in financial services, with an investment of $1.5 million to fund 48 CIBC Women in Financial Services Scholarships and diversity education at both the Rotman School of Management and the Richard Ivey School of Business.

"CIBC knows the benefit of diversity in the workplace and is committed to supporting the advancement of women in leadership," says Richard Nesbitt, Chief Operating Officer, CIBC.

"We are excited to be partnering with Rotman and Ivey to help start the careers of 48 high-potential women with scholarships, paid summer internships and executive mentoring. At the same time we will be investing in diversity education at Rotman and Ivey and providing CIBC executives to participate in the delivery of these modules."

In addition to the scholarships and classroom support, CIBC will provide the recipients with enhanced learning through invaluable mentorship from CIBC business leaders, as well as practical experience and on-the-job training through quality internships at the bank and the opportunity to participate in CIBC's workshops and networking events.

"CIBC has been a long standing and involved supporter of the Rotman School," says Professor Peter Pauly, Interim Dean of the Rotman School of Management. "The CIBC Women in Financial Services Scholarship initiative will provide critically important financial support to promising students completing an MBA, who will go on to become tomorrow's business leaders in Canada and around the world. This investment shows our joint commitment to advancing women in financial management and leadership positions."

"We continue to attract excellent young women to our undergraduate business program looking to launch their careers," says Mary Heisz, HBA Program Director, Ivey Business School. "Ivey has always been dedicated to offering  a diverse classroom experience, rich with opportunities to learn from each other in a dynamic environment. CIBC's support will only help our ability to develop Canada's next generation of business leaders."

CIBC's strong inclusive culture has been recognized with a number of awards in recent years, including one of Canada's Top 100 Employers, Best Diversity Employer, Best Workplace and Best Employer for New Canadians.

CIBC is a leading North American financial institution with 11 million personal banking and business clients. CIBC is committed to supporting causes that matter to our clients, our 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 Kids, Cures and Community, 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 2013, CIBC contributed more than $41 million to 1,870 charitable and non-profit initiatives in over 430 communities. You can find other news releases and information about CIBC in our Press Centre on our corporate website at www.cibc.com.

SOURCE: Canadian Imperial Bank of Commerce

Caroline Van Hasselt, Director, External Communications, CIBC, [phone], [email protected]