Business Depot to house CIBC

Article Abstract:

Canadian Imperial Bank of Commerce (CIBC) is teaming up with Business Depot Ltd. (Markham, Ont.), an office products retailer, to offer no-fee banking services to small-office and home-office businesses in about 100 Canadian stores. CIBC plans to open banking pavilions in about 100 of Business Depot's 155 stores across Canada, over the next 12 months. This will allow customers to purchase brand-name goods at a discount. CIBC will market the banking services under the name bizsmart rather than its own logo. It also does not use the CIBC name in its partnerships with Loblaw and Winn-Dixie. Through bizsmart, CIBS and Business Depot will provide small businesses with accounts that charge no fees for day-to-day banking, including writing checks and withdrawing funds, no-fee Visa cards and unsecured lines of credit with low monthly payments. The two partners will also offer customers product discounts on things such as office supplies, computer equipment and courier services from suppliers, including Dell Canada Inc. and Federal Express Canada Ltd. CIBC currently has 350,000 small business customers.

Marketing procedures, Licensing/Sales Agreements, Canadian Imperial Bank of Commerce, Business Depot Ltd.

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Debit card overtaking cash: survey

Article Abstract:

Debit cards are increasingly becoming a popular method of payment in Canada. According to a recent survey by Interac Association, 38% of respondents said they chose debit cards, which withdraw money directly from their bank accounts, as their preferred method of payment last year. The survey also found that 39% of respondents preferred to pay in cash, while only 3% chose chose checks. Only 10% of Canadians used debit cards 10 years ago, while 58% used cash. Debit cards were used more than 1.67 billion times in Canada last year, up from one billion in 1998. Credit cards (Visa, MasterCard, American Express and others) were used by 19% of Canadians last year, up from 16% in 1995. Canadian charged $80.5-billion to their Visa cards last year, accounting for 14.5% of all consumer spending. The Interac survey was based on responses of 2,157 Canadians in February.

Sales & consumption, Credit Card Issuing, Consumer Bank Credit Card Svcs, Bank credit cards

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Bankers face push to reform their pay

Article Abstract:

There is a plan underway to change Canadian bank executives' compensation plan to reflect each bank's performance against every other bank's performance. The current fixed price options program rewards bankers even if their bank does poorly financially when compared to competitors.

Personnel administration, Pension, health, and welfare funds, Pension Funds, Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Pension & Benefit Regulation, Private Pension Funds, Statistical Data Included, Compensation and benefits, Pensions, Bankers

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