TORONTO, May 27, 2024 /CNW/ - CIBC today announced it is the first major financial institution to launch a bundled digital credit card and deposit account application for those new to Canada, making it faster and more convenient for these clients to make key banking decisions sooner.

"Moving to a new country is a big step and the earlier you can plan, the easier it can be to settle into a new environment and begin pursuing your ambitions," said Michael Clabby, Executive Vice-President, Head of Digital, Data and Strategy, CIBC. "We know that finances, especially access to banking, are at the top of a newcomer's checklist because it drives many early decisions around how, when and where they start their journey in Canada."

Through an innovative 'two for one' application, newcomers to the country can now apply for two financial products by submitting only one online digital application.

"Newcomers often face challenges finding a place to live when they arrive in Canada, including renting or buying a home because they need access to credit and a credit history," added Clabby. "This new digital capability will speed up the process and help alleviate some of the hurdles experienced as individuals and families begin their new lives in Canada."

Clients will be able to choose from a range of select CIBC credit cards, including CIBC Aventura®, CIBC Aeroplan® and CIBC Dividend®.

Today's announcement builds on CIBC's Newcomer program, which offers a number of solutions and useful tools to help those new to Canada, including CIBC Smart™ Arrival, which enables permanent residents, foreign workers and international students from eligible countries to apply to open a deposit account online in as little as 10 minutes. As most newcomers make the decision about where to bank before they arrive in Canada, CIBC Smart Arrival will provide a head start as an easy way to open a bank account from their home country before arriving in Canada. Once set-up, clients can deposit funds directly into the account prior to their arrival so money is available sooner and easier once in Canada.

Additional tools and solutions for newcomers include:

• The digital CIBC Smart™ Guide to Canada which provides tailored resources, tips and banking offers, providing an early advantage in building a new life and new ambitions;
• Free day-to-day banking for two years through a CIBC Smart™ Account for Newcomers and Foreign Workers;
• No annual fee for two years on select CIBC credit cards;
• Exclusive program with TELUS that enables clients to open a bank account and set up a mobile phone at the same time, available through select branches;
• A free Canoo Cultural Pass with VIP access to over 1,400 of our country's most exciting cultural and outdoor experiences;
• Educational content to support financial literacy.

CIBC is a leading North American financial institution with 14 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets and Direct Financial Services businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre.

SOURCE CIBC