CIBC, National Australia Bank, Bank Leumi Start Tech Alliance
- Banks to focus on payments, digital banking and cyber security
- Deal lets banks share costs, talent to speed up innovation
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Canadian Imperial Bank of Commerce, National Australia Bank Ltd. and Bank Leumi Le-Israel Ltd. formed an alliance to develop technologies faster and cheaper amid an industrywide shift toward digital banking.
The three lenders agreed to share information, co-develop products and services and swap employees in areas of payments, digital banking, cyber security and emerging financial technology, according to Stephen Forbes, chief commercial officer at Canada’s fifth-biggest bank. An agreement was signed this week in Tel Aviv, CIBC said Wednesday in a statement.