CIBC signs cloud partnership deal with Microsoft
Canadian Imperial Bank of Commerce (CIBC) has signed a “multi-year agreement” with Microsoft as it looks to migrate many of its operations to the cloud.
The agreement will see CIBC utilise Microsoft Azure as its primary cloud platform as the bank pushes forward with a “cloud-first approach”.
The bank says the partnership will enable it to scale and modernise its banking platforms while building in additional resiliency, efficiency and agility.
Based in Toronto, CIBC boasts 10 million personal banking, business, public sector and institutional clients and around $109 billion in assets under management.
CIBC and Microsoft already have a longstanding relationship, with the bank previously utilising Microsoft’s cloud and enterprise software.
Christina Kramer, senior executive vice-president and group head, technology, infrastructure and innovation at CIBC, says the bank’s investment in cloud technology is a “cornerstone” of its wider plan to “accelerate [the] bank’s transformation”.
Kevin Peesker, president of Microsoft Canada, claims that Azure will equip CIBC with the “AI, data, cloud and machine learning capabilities to drive innovation”.
Microsoft has signed several cloud deals in the past 12 months, including agreements with Morgan Stanley, Standard Bank, Standard Chartered, SimCorp and Paysafe.