Canadian bank head on N.Z. visit

Press, 9 November 1988, Page 44

Canadian bank head on N.Z. visit

PA Auckland Mr Donald Fullerton, the chairman and chief executive of the Canadian Imperial Bank of Commerce, is in New Zealand, but not to acquire one of this country’s State-owned CIBC New Zealand, Ltd, was set up here earlier in the year and has established an office in Auckland. Mr Denis Griffin has been appointed chairman, succeeding the establishment chairman of CIBC New Zealand, Sir James

Vernon, of Australia. He is a director of Commercial Union Assurance Co., NZ Oil and Gas, Oil Fields, Tui Co-op Dairy Co. and Electrolux and president of the Institute of Directors. Mr Fullerton said CIBC did not rule out growth by acquisition in New Zealand if opportunities arose, but its aim was to build a sound quality business base of value-added expert financial services. CIBC, he said, had established global specialist business divisions with mobile groups which

could be called in to adapt products and services to client needs. The bank, which he described as a multi-ser-vice financial institution, was heading for its best year yet. It is Canada’s second biggest and one of North America’s 10 largest with assets topping sCan93 billion (SNZI22B), 32,900 full-time staff and 1630 branch offices and agencies in Canada and 23 other countries. The New Zealand operation will concentrate on corporate business.