Canada's fifth largest bank, the Canadian Imperial Bank of Commerce, is drafting plans to expand its private wealth business. The focus of the expansion would be in Central Canada and the Atlantic provinces.
According to the bank's head of private wealth management, Gary Whitfield, "We see a lot more wealth now in Central Canada - Manitoba and Saskatchewan - so we feel we need a presence there. You've seen growth of the economy in Saskatchewan, so that's a place for us to look."
Canadian Imperial is seeking to add satellite offices and fund advisers to offer fund management services to wealth clients in the area. This move builds upon the cudgels of its recent takeover of the private wealth business of MFS McLean Budden from Sun Life Financial just last September.
Whitfield added that the growth would come from both internal expansion and external acquisitions of the bank. He further added, "The one missing piece in our platform is Atlantic Canada. Wer have used to have more in there but there after 2008 we really put it on hold and now we need to re-establish our presence."
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