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Globe and Mail
27-05-2025
- Business
- Globe and Mail
CIBC receives Forrester's Customer Obsessed Enterprise Award
, /CNW/ - CIBC announced today that it has been named a 2025 Forrester Customer-Obsessed Enterprise award winner, the only retail bank in North America to receive this award. "Our clients are at the forefront of everything that we do, and we're proud to receive this recognition which speaks to the dedication and commitment of our entire CIBC team," said Stephen Forbes, Executive Vice-President, Purpose, Brand and Corporate Affairs, CIBC. "This award strongly reflects how we're living our purpose, helping make our clients' ambitions a reality, and delivering on our client-focused strategy." Forrester's Customer-Obsessed Enterprise Award recognizes organizations that place customers at the centre of their leadership, strategy and operations to deliver outstanding customer experiences, accelerate business outcomes, and enable greater employee engagement. "We've embedded customer centricity within every facet of our organization, which is delivering meaningful experiences for our clients," added Forbes. "Our team has prioritized making it even easier for our clients to do business with us by improving digital client journeys and continuing to deepen client relationships." About CIBC CIBC is a leading North American financial institution with 14 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at
Reuters
22-05-2025
- Business
- Reuters
Norinchukin Bank books annual loss of $12.63 billion on US and European bonds
TOKYO, May 22 (Reuters) - Japan's Norinchukin Bank on Thursday reported a net loss of 1.81 trillion yen ($12.63 billion) for the year ended March 2025 as it sold off its portfolio of U.S. and European government bonds. The bonds had plummeted in value when interest rates in the U.S. and Europe began to rise from 2022 and remained higher for longer than anticipated. In June last year, Norinchukin Bank said it would sell down some of the bonds to stem the losses. Over the year it sold off 17.3 trillion yen ($120.94 billion) of low-yielding assets, mostly U.S. and European government bonds. Norinchukin had built up big positions in the bonds in search of higher returns during the years of negative interest rates in Japan. The bank is the principal financial institution for Japan's farm, forestry and fishery cooperatives and has a business model centred on securities investments rather than generating income from lending. As such it has not benefited from the rise in domestic interest rates that has been a boon for the banking sector. Japan's three largest banking groups posted record annual profits last week. Norinchukin said it still had 1.2 trillion yen of unrealised losses on its bond portfolio at the end of March this year, but forecast a profit of between 30 billion yen and 70 billion yen for its current financial year which ends in March 2026. "With uncertainty in the global economy, including from the Trump administration, there's no room for complacency," chief executive Taro Kitabayashi told a press briefing in Tokyo. Chief Financial Officer Masaki Nagano told the press briefing Norinchukin was not immediately impacted by the spike in yields of long-term sovereign bonds this week as the bank does not hold ultra long-term foreign bonds. But if the higher yields persist it could lead to unrealised losses and the bank would consider using interest rate hedges as a way of managing the risk, Nagano said. The bank has also become one of the world's largest investors in collateralised loan obligations (CLOs) and held 8.3 trillion yen worth of the securities at the end of March, according to its results presentation. Norinchukin had 40.3 trillion yen in market assets at the end of March, down from 59.5 trillion yen at the end of March 2022. ($1 = 143.3400 yen)
