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    CM   CA1360691010

CANADIAN IMPERIAL BANK OF COMMERCE

(CM)
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Delayed Toronto Stock Exchange  -  04:16 2022-08-10 pm EDT
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CIBC teams up with willful.co to offer easier and affordable wills online

07/05/2022 | 06:01am EDT

TORONTO, July 5, 2022 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced a collaboration with Willful, an online platform for will creation, reflecting the growing demand for digital solutions for estate planning.  

"Canadians want simple online financial solutions to help them manage their finances today and plan for the future, and working with Willful enables our clients to have the peace-of-mind that comes with having a will and plan for their estate," says David Attard, Senior Vice-President, Digital Banking and Enablement, Personal and Business Banking, CIBC. "With this new collaboration, we're encouraging clients to have important conversations and get these vital documents in place, leveraging the convenience of digital to make it as easy as possible." 

Research from CIBC shows that cost and convenience are important factors for many Canadians who have yet to create a will. More than half of Canadians have no legal will, and among these Canadians, more than half believe online will creation would be a convenient option. 

With cost and convenience top of mind for so many, the CIBC collaboration with Willful provides online banking clients who have non-complex will requirements with a simple and convenient way to create a will starting at $79 (20% off regular price), in as little as 20 minutes, via Willful's platform. Clients can also create power of attorney documents in case of emergency, compile a list of their assets, and record their funeral and burial wishes. Clients are entitled to make free updates as their life changes. Willful is currently available in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Québec and Saskatchewan. 

"We spend our lives trying to grow our wealth, but we don't always plan for how our assets should pass on to our loved ones," says Erin Bury, Founder and CEO, Willful. "While many people put it off, will and estate planning often provide peace of mind. Getting these important end of life financial decisions out of the way can dramatically ease the burden on loved ones." 

The collaboration with Willful is the latest development in CIBC's efforts to connect clients with online tools that make banking and financial planning easy. CIBC recently received the highest ranking in overall customer satisfaction for online banking among Canada's Big Five banks according to the J.D. Power 2022 Canada Online Banking Satisfaction Study. 

Other recent digital initiatives from CIBC include: 

  • CIBC's new Interac e-Transfer® feature that allows clients to set up recurring or future-dated Interac e-Transfer payments;
  • CIBC's AI-based Virtual Assistant, which can help clients perform banking transactions and answer questions about everyday banking;
  • CIBC's Digital ID Verification, which offers fast, easy and secure onboarding for new CIBC clients through the CIBC website or mobile banking app; and,
  • CIBC's instant digital card replacement, available to most clients holding a CIBC personal or business credit cards which in the event their card is lost or stolen, allows clients to get immediate access to a replacement card which can be used with Apple Pay or Google Pay.

More about the offer can be found in the CIBC Mobile Banking app or after signing in at CIBC.com. 

Research Poll Disclaimer: 

From April 26 to 27, 2022 an online survey of 1,519 randomly selected Canadian adults who are Maru Voice Canada panelists was executed by Maru/Blue. For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 2.5%, 19 times out of 20. The results have been weighted by education, age, gender and region (and in Quebec, language) to match the population, according to Census data. This is to ensure the sample is representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding 

About CIBC   

CIBC is a leading North American financial institution with 13 million personal banking, business, public sector and institutional clients. Across Personal and 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, with offices in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html

About Willful 

Willful is on a mission to change the way Canadians prepare for and deal with death. Their first product is an online platform that makes it affordable, convenient, and easy for Canadians to create a legal will online. The platform provides simplified estate planning services (creation of a Legal Will, Power of Attorney for Personal Care, and Power of Attorney for property), enabling consumers to create a will and/or power of attorney by following a clear step-by-step process. Willful's platform was developed in collaboration with leading estate lawyers, and has pricing plans starting at $99. Willful is based in Toronto, and it is currently available to residents of Ontario, Québec, British Columbia, Saskatchewan, Alberta, Nova Scotia, New Brunswick, and Manitoba.

SOURCE CIBC

© Canada Newswire, source Canada Newswire English

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Sales 2022 22 083 M 17 302 M 17 302 M
Net income 2022 6 475 M 5 073 M 5 073 M
Net Debt 2022 - - -
P/E ratio 2022 9,31x
Yield 2022 4,99%
Capitalization 59 507 M 46 624 M 46 624 M
Capi. / Sales 2022 2,69x
Capi. / Sales 2023 2,54x
Nbr of Employees 47 814
Free-Float 100,0%
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Hratch Panossian Executive Vice President & Global Controller
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Christina Kramer Senior EVP-Technology, Infrastructure & Innovation
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