TORONTO, Sept 21 Canadian Imperial Bank of
Commerce, Canada's fifth-biggest lender, has formed a
strategic partnership with National Australia Bank (NAB)
and Israel's Bank Leumi to work on new
In a statement on Wednesday, CIBC said the partnership will
enable the three banks to collaborate and share aspects of their
product development and to facilitate the exchange of employee
talent in the innovation space.
Stephen Forbes, CIBC's chief commercial officer, said the
arrangement would build upon CIBC's work to encourage
collaboration among teams in the bank and to work with outside
financial technology firms.
"This alliance further strengthens our leadership position
in innovation and broadens our access to global insights in this
fast-moving space," Forbes said.
CIBC and National Bank of Australia have worked together
over the past two months to test blockchain technology from
Ripple, a Google-backed start-up that enables banks to settle
financial transactions, using it to move money from Canada and
Australia and vice versa, CIBC said.
That has enabled them to become part of only a small group
of banks globally to have successfully completed a cross-border
blockchain transfer, CIBC said.
(Reporting by Matt Scuffham; Editing by Paul Simao)