CEO Harry Culham said at the bank’s annual general meeting on Thursday that the lender plans to commit more capital and expertise to help drive economic growth across the country. He also announced an $800-million commitment through 2032 to support cancer research, childhood development and community-building initiatives. (The Logic) 

Talking point: CIBC’s domestic investment pledge follows RBC’s $1-billion commitment last week. Culham told shareholders that over the past three years, the bank has increased its corporate and commercial lending in Canada by nearly $20 billion. “For too long, capital has flowed outside of our country. This is true of financial capital, but it’s also true of human capital. We can’t afford to lose either,” he said. On private credit exposure, Culham said the bank’s loan book is “almost evenly split between collateralized finance, traditional bank lending and capital call facilities,” adding that CIBC has built stress-test scenarios around its private credit portfolio. All shareholder proposals were voted down. 

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