Competitiveness in this industry is unquestionable. Nowadays, pricing for banking products are getting lower and lower and the consumers are the ones benefited. Price war is happening from time to time in this industry which will lead to a very slim of margin of profit for every player in the industry.
Acquisitions in the s caused the Commerce Bank to become one of the strongest branch networks in Canada with over local branches; and the bank opened international branches in Cuba, Jamaica, Barbados and Trinidad during the same period.
The Canadian Bank of Commerce opened its new head office in Toronto in An observation gallery on the 32nd floor attracted visitors who could get an aerial view of the city. Inthe Commerce was the first Canadian bank to establish a personal loans department.
Following World War IIboth banks opened new branches. Although the banks had been barred from the mortgage business sincethe Canadian government now called upon them to provide mortgage services.
So, inCanadian banks started offering mortgages for new construction. This followed a decade of expansion in the Canadian economy and Canada's capitalization of the industrialization of its natural resources. They quickly reached a deal between the two banks. The newly merged CIBC commissioned a new logo to commemorate its th year of operation.
The "chevron" logo was in use until The new bank possessed the greatest resources and the most branches of any bank in the country.
Inthe bank operated a floating branch using the passenger vessel MV Jean Brilliant along the north shore of the St. Lawrence River in Quebec billed as the only floating branch in Canada for customers. Following the merger, the new bank commissioned a new head office.
While planning to retain Commerce Court North, the bank hired architect I. Pei to design a three-building complex. When completed inthe storey building was the tallest in Canada, and the largest stainless-steel-clad building in the world.
Also at this time computerization began to change banking services and the Yonge and Bloor branch in Toronto was the first Canadian bank branch to update customer bank books via computer. This also marked the introduction of inter-branch banking. Changes to federal and provincial regulations ending the separation of banks, investment dealers, trust companies and insurance companies came in InCIBC acquired a majority interest in Wood Gundy which brought a well-respected name and reputation in underwriting.
InCIBC introduced automated telephone banking; in the bank launched its website, and shortly thereafter began offering banking services online.A Study of Citibank’s Marketing Strategy 1 Introduction Key Issues Competitiveness Bank is a highly complex entity operating in a cut-throat industry.
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