Globe/CP say CIBC partners with UnionPay InternationalGlobe/CP say CIBC partners with UnionPay International
2017-01-18 06:57 MT - In the News
The Globe and Mail reports in its Wednesday, Jan. 18, edition that Canadian Imperial Bank of Commerce is partnering with Chinese financial services company UnionPay International to expand its remittance business and allow its customers to transfer money to China with no upfront fees. A Canadian Press dispatch to The Globe reports that the bank introduced its CIBC Global Money Transfer service, which charges no upfront fees and promises competitive exchange rates, in late 2015. Since then, the service has expanded to more than 45 countries, including Pakistan, Sri Lanka, Vietnam and the United States. Vineet Malhotra, CIBC's managing director, and head of the alternate and retail solutions, says that since launching the no-fee service the lender's remittance business has grown by approximately 800 per cent to 900 per cent. Mr. Malhotra says the bank decided to tackle this segment of the market as a way of building relationships with clients, particularly among the country's growing immigrant community. The latest statistics available from the World Bank showed that Canadians sent about $4.2-billion to China in 2014 -- about one fifth of Canada's total remittances.
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