CIBC HIRES J. MATTHEW SINGLETON AS EXECUTIVE VICE PRESIDENT; Former Arthur Andersen Executive To Serve as CAO of Organization's Investment Banking Firm: CIBC Wood Gundy.

NEW YORK--(BUSINESS WIRE)--November 17, 1994--Canadian Imperial Bank of Commerce (CIBC) today announced it has appointed J. Matthew Singleton executive vice president. Currently a senior executive of Arthur Andersen & Company, Singleton will serve as chief administrative officer of CIBC Wood Gundy, which functions as the organization's global investment banking firm.

Based in New York, Singleton also will serve on the executive committee of CIBC Wood Gundy and be responsible for technology, finance and operations globally.

He is joining CIBC after a 20-year career at Arthur Andersen, where he is partner in charge of the firm's New York audit and business advisory practice, as well as its global derivatives and treasury risk management service line.

CIBC Wood Gundy, which was officially named last month, comprises CIBC's Investment and Corporate Bank as well as its investment dealer subsidiary Wood Gundy. The two organizations now function as an integrated enterprise, within appropriate legal and regulatory constraints, to provide a full array of credit and capital markets products throughout the world. In compliance with these constraints, CIBC has a Section 20 subsidiary in the United States (Wood Gundy Corp.), which operates as a separate entity.

"We are extremely pleased that someone of Matt's stature and track record is joining our organization," said CIBC President John Hunkin. "His hands-on experience in managing a large-scale service organization, as well as his knowledge of derivatives, asset securitization and other financial products will dovetail well with CIBC Wood Gundy's expertise in corporate and investment banking. Additionally, Matt brings exposure to sales, trading, risk management and new product development to this new position."

A member of Arthur Andersen & Company since 1974, Singleton was named a partner in 1984 and given responsibility for the firm's worldwide relationship with Salomon Inc. From 1990 to 1992, he served as head of the New York Financial Markets Division. Additionally, he was the partner responsible for Andersen's global relationship with the International Swaps and Derivatives Association (ISDA).

Singleton, who also will serve as executive vice president of CIBC, will be based in New York and supervise personnel in the United States, Canada, Europe and Asia. He'll officially join CIBC Wood Gundy in early December.

Other members of the CIBC Wood Gundy executive committee, in addition to Singleton and Hunkin, are Richard E. Venn, chairman of Wood Gundy Inc.; Jim K. Beqaj, president of Wood Gundy Inc. and executive vice president of CIBC; David J. Kassie, vice president, director and head of global investment banking for Wood Gundy Inc.; and CIBC Executive Vice Presidents Ron Lalonde, Y. Joseph Mirza and Allyn W. Keiser. The latter three have responsibilities for Europe, Asia and corporate banking activities in North America, respectively.

"This is an exciting opportunity for me, and I very much look forward to being part of CIBC Wood Gundy's evolution into a leading global investment firm," said Singleton. "I am deeply impressed by the organization's focus on client-driven approaches, as well as its philosophies on partnership, ethics, integrity and excellence. Its commitment to re-engineering its infrastructure in the face of changes confronting the financial services industry, coupled with its historic success in both corporate and investment banking, convince me our long-term objectives are attainable."

Singleton has an undergraduate degree from Princeton University, where he graduated cum laude as an economics major, and an M.B.A. from New York University. He is a board member of the YMCA of Greater New York, the world's largest YMCA organization.

A native of California, Singleton and his wife, Kathy, live in Greenwich, Conn. They have two children: Kate, 11, and John, 8.

CIBC Wood Gundy encompasses all of the investment and corporate banking activities of the CIBC group of companies. This includes approximately 4,500 employees in 37 locations across Canada, seven major cities in the United States, six Asian locales and London. CIBC, the parent company, is the second largest financial institution in Canada and the seventh largest bank in North America.

CIBC is licensed to do business in the United States and is affiliated with Wood Gundy Corp. A member of the New York Stock Exchange, Wood Gundy Corp. is solely responsible for its contractual obligations and commitments.

CONTACT: Canadian Imperial Bank of Commerce 

             Robert S. Cole
             Corporate Communications USA
             212/856-4030