TORONTO, April 18, 2024 /CNW/ - CIBC has been recognized
by Global Finance for the second consecutive year as the Best
Investment Bank in Canada and for
its leadership in environmental and social sustainability financing
at the Global Finance World's Best Investment Bank and Sustainable
Finance Awards for 2024, including:
- Best Investment Bank in Canada
- Best Bank for Green Bonds, Global
- Best Bank for Sustainable Bonds, Global
- Best Bank for Sustainable Infrastructure Finance, North America
- Best Bank for Sustainable Project Finance, North America
- Best Bank for Transition/Sustainably-Linked Loans, North America
"This recognition highlights CIBC's longstanding leadership in
supporting our clients and enabling a more sustainable
future," said Susan Rimmer, Managing Director and Head,
Global Corporate and Investment Banking, CIBC. "These awards
demonstrate our continued commitment to helping our clients achieve
their ambitions while accelerating transition."
This recognition follows CIBC's 2023 award from Global
Finance for Best Investment Bank in Canada and for Outstanding Leadership in
Sustainable Infrastructure Finance. In addition, CIBC ranked
#1 for Sustainability Linked Loans(1), #2 Sustainability
or Green Structuring Agent for Canadian green and sustainability
loans(2), and received the 2023 Financial Adviser
(Americas) Award by Infrastructure Journal Global for its leading
financial advisory expertise through transactions across the energy
transition space.
CIBC's commitments towards
sustainability include:
- We mobilized $44.4
billion(3) in sustainable finance activities in
fiscal year 2023, achieving a cumulative 52.4% (or $157.3 billion) over the past five years toward
our $300 billion goal by
2030(4).
- Continued focus on developing market solutions with partners,
expanding sustainable finance solutions for our clients such as the
pilot Sustainable Finance Guarantee Program with Export
Development Canada, aimed at helping with lending activities that
contribute to decarbonizing the economy and can provide up to
$1 billion in financing.
- Committed to providing $100
million in limited partnership investments in climate
technology and energy transition funds, partnering with six funds
that provide growth capital to emerging climate and energy
transition technology companies to help the global community
transition to the net-zero carbon economy.
- Continuation of multi-year partnerships with the University of Calgary, the Schulich School of
Business, and McGill University to help
foster the energy transition ecosystem and develop a new generation
of leaders.
- Finalized the commercialization of Carbonplace, a
technology platform for the voluntary carbon market founded by nine
global banks, appointing its first Chief Executive Officer and
transitioned to an independent entity.
The Global Finance Awards recognize leadership in environmental
and social sustainability financing, and highlights leading
institutions' expertise, advisory and innovation for capital
markets clients. Activities in 2023 were considered for both
awards.
About CIBC
CIBC is a leading North American financial institution with 13
million personal banking, business, public sector and institutional
clients. Across Personal and Small Business Banking, Commercial
Banking and Wealth Management, and Capital Markets businesses, CIBC
offers a full range of advice, solutions and services through its
leading digital banking network, and locations across Canada, in the
United States and around the world. Ongoing news releases
and more information about CIBC can be found at
https://www.cibc.com/en/about-cibc/media-centre.html.
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(1)
FY2023 : Bloomberg Global Sustainability-Linked Loans Bookrunner
league tables as at Jan 30, 2024.
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(2)
LSEG LPC 2023 Americas Sustainability & Green Structuring Agent
League tables.
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(3)
The methodology applied to our 2023 progress details how we account
for our share of each transaction depending on business product. In
the event that multiple products or services are provided to the
same client or for the same eligible activity, the value of each
product or service is counted towards the sustainable finance
commitment, which encourages the active participation of multiple
business units at CIBC in supporting our sustainable finance goal.
When appropriate, we utilize a modified third-party league table
methodology to attribute CIBC's share of the transaction depending
upon CIBC's role, which for syndicated loans, M&A advisory, and
debt and equity underwritings, in which we act as a lead or
co-lead, could result in amounts being counted not directly
financed or facilitated by CIBC. For transactions involving foreign
exchange conversion, we have applied a fixed internal advised rate.
The methodology applied to our 2023 and cumulative progress was
established in 2018 and subsequently updated in 2021, 2022, and
2023 to reflect changing market practices and industry guidelines.
In March 2024, we published our updated 2024 Sustainable Finance
Methodology, which is effective prospectively for eligible
transactions that close on or after November 1, 2023. CIBC intends
to regularly update our methodology as market practices, industry
guidelines, frameworks, standards, and regulations continue to
evolve.
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(4)
Sustainable financing largely relates to various CIBC products and
services that support client activities such as renewable and
emission-free energy, energy efficiency, sustainable infrastructure
or technology, sustainable real estate, affordable housing and
basic infrastructure; as well as sustainability-linked and green
financial products. Sustainability-linked financial products are
designed to incentivize the client to achieve pre-determined ESG
targets with pricing implications (for example, linkages to
interest charged or credited). Our sustainability-linked financial
products are aligned to relevant guidelines, principles, and
frameworks such as the Asia Pacific Loan Market Association, Loan
Market Association, Loan Syndications, and Trading Association
Sustainability-Linked Loan Principles or International Capital
Markets Association Sustainability-Linked Bond Principles. The
products and services offered by CIBC included in our sustainable
finance commitment include loans and loan syndications, debt and
equity underwritings, M&A advisory, and principal investments.
Loans and investments that enable affordable housing activities
also meet our obligations under the U.S. Community Reinvestment
Act. In 2023, our methodology was updated prospectively to include
transactions relating to securitization. We did not restate our
cumulative performance from 2018 to 2022.
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SOURCE CIBC