Banking on Winnipeg
CIBC opens 'wholesale' branch
By JOYANNE PURSAGA, SUN MEDIA
It's a wholesale banking branch built on a vote of confidence in the Winnipeg economy.
Brian Shaw, chairman and CEO of CIBC World Markets, said the city's strong regional economy enticed his company to open a new wholesale banking branch on the fifth floor of the Richardson Building last week.
"That's evidence there are a fair number of things going on in the community and our skills match what's needed," said Shaw from his home in Toronto.
Wholesale banking primarily serves large companies and investors. Shaw said merger and acquisition services account for a key part of the business.
Shaw said its new office will be the only bank-owned investment bank in the city. It has attracted several new local clients this year, including Artis REIT, Exchange Industrial Income Fund and CanWest Global Communications.
The company was the largest equity underwriter in Canada in each of the last six years and includes provincial and municipal governments, New Flyer Industries and the North West Company in its client base.
"There's a number of private companies that we would described as small capital, (middle) capital in size and we also want to work with them," said Shaw. "That private sector is doing really well in Winnipeg."
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Winnipeg's corporate community is drawing attention .. underwriting and M&A activity is the big business.
This is a very big vote of confidence in Winnipeg's future economy.