TWO MORE BANKS TO MERGE
By Adnews Staff
Two more Canadian banks have joined the wave of mergers. The Canadian Imperial Bank of Commerce and the Toronto Dominion Bank announced last week that the two plan to merge to create a bank that would be globally competitive. "We believe that this deal will make us better able to compete, not only with domestic competitors," but also with powerful competitors from all over the world, TD chairman and CEO Charles Baillie says in a release. The agreement is subject to regulatory and shareholder approval. Once it is given the OK, the Toronto Dominion Bank name will disappear. The new bank will be called CIBC because the name "better represents a Canadian financial institution." Combined, the new bank will have more than 10 million customers around the world. Advertising for CIBC is done by Padulo Integrated. Toronto Dominion has a roster of agencies including TBWA Chiat/Day and LEL, both of Toronto. Gee, Jeffery & Partners Advertising of Toronto handles advertising for TD's discount brokerage. TD spokesperson Cathy Bertini told Adnews last week it was too soon to say who would handle advertising for the merged bank. Earlier this year, the Royal Bank of Canada and the Bank of Montreal announced their merger plans.