Canadian Imperial Bank of Commerce is to wind up bizSmart, its direct banking service for small business enterprises, as part of a wide-ranging restructuring programme announced last month.
BizSmart, introduced two-years ago by CIBC in association with Staples Business Depot, offered no-fee daily banking for small businesses through the Internet and by telephone.
The closure of the operation follows CIBC's decision last month to shut down its electronic banking operations in the US and cut jobs at its investment banking and wealth management units.
CIBC says that bizSmart will continue operating as usual for existing customers for the next several months. Existing customers will be offered a new, no-fee daily business banking offer through CIBC Small Business Banking.