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CIBC is an acronym of Canadian Imperial Bank of Commerce, which is one of the leading banks in Canada. The bank provides a comprehensive range of services and products in banking and financial industry with a wide network of over 1400 branches in Canada and approximately 110 overseas. CIBC climbed at 172th place on the Forbes Global 2000 listing of an American business magazine Forbes. Moreover, the bank has also been recognized as the world's 3rd strongest bank by the Bloomberg Markets magazine in 2012. It offers bank accounts, mortgage and loan services, mutual funds, retirement planning, investment and insurance services to individuals, organizations and small and medium business enterprises worldwide. In addition to this, CIBC also has Credit Card services in its business line that facilitates the customers to pay for their services and products through these cards which replace the cash payment. The bank came into existence in 1961. The merger of two financial service providers, Imperial Bank of Canada and Canadian Bank Of Commerce resulted in the formation of a the bank. In 1991, the bank joined hands with the Canada's largest airline company Air Canada. The agreement was to provide credit cards for Aeroplan. With the launch of official website www.cibc.com in 1995, the bank became able to serve its customers with online banking services. CIBC in 2006 purchased the majority assets of FirstCaribbean International Bank, which were previously owned by the Barclays Bank. Later in 2011, the newly formed division was renamed as the CIBC FirstCaribbean International Bank. In February 2010, the bank unveiled the mobile banking Iphone Application and became the country's first chartered bank to do so.