CIBC plans to open a branch at Pearson airport to draw in travellers, newcomers

TORONTO, Cananda – The Canadian Imperial Bank of Commerce is opening a branch inside Toronto’s Pearson airport in a bid to draw in travellers and newcomers.

CIBC (TSX:CM) said Thursday its clients and other travellers will now be able to access ABMs, as well as mobile and online banking at locations inside Canada’s busiest airport.

There will also be activation kiosks throughout the airport as well as work and family-friendly spaces to draw in business travellers, newcomers and families with kids.

“Most people now spend a couple of hours at the airport before their flight,” said Stephen Forbes, executive vice-president at CIBC.

“We’ve all had the experience of making the last minute visit to the bank before a trip _ whether it’s to pay a bill, get cash or travel insurance, or complete other banking transactions. Through this partnership, travellers will now have the flexibility to meet all of these needs at the airport through CIBC.”

The multi-year partnership makes CIBC the Greater Toronto Airports Authority’s exclusive financial institution sponsor.

It also means the bank is the first one newcomers will see upon their arrival, and CIBC will have people at the branch to help explain how banking operates in Canada. They can also answer questions about setting up accounts, credit cards or even government documents like health cards and social insurance numbers.

“This partnership with CIBC shows that we are willing to work with outstanding Canadian and international brands with the objective of adding value for passengers and employees,” said Howard Eng, president and CEO of the GTAA.

“We believe that this partnership with CIBC will generate new and innovative ways to serve passengers and employees throughout the airport,” he added.

CIBC will also provide special benefits and full service banking offers to the more than 40,000 employees who work at the airport.

The announcement marks CIBC’s second foray into the travel world in as many months, after the bank launched a revamped version of its Aventura Travel Rewards program in October, two weeks after agreeing to sell about half of its Aeroplan customer base to TD Bank.

More than 35 million passengers pass through Pearson every year.