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CIBC to Double Venture-Lending Unit’s Staff as Startups Boom

  • London office in the works for innovation-banking expansion
  • Unit chief McQueen says he sees ‘best market in our lives’
CIBC signage in downtown Toronto.

CIBC signage in downtown Toronto.

Photographer: Brent Lewin/Bloomberg

Canadian Imperial Bank of Commerce is planning to double the staff of its innovation-banking unit in the next year and a half as a boom in the technology industry boosts demand for venture lending to startups.

The business is opening an office in London, bringing its total locations to 12, Toronto-based CIBC said Monday. CIBC Innovation Banking, which was established when the bank bought venture capital lender Wellington Financial in 2018, also has offices in New York, Boston and Menlo Park, California, among other cities, and currently has a team of about 50.