TD Courts Foreign Students Amid Canada's Cap on Study Permits [BNN Bloomberg (Canada)]
Canadian Imperial Bank of Commerce (CM)
Last canadian imperial bank of commerce earnings: 2/26 05:53 am
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Source: BNN Bloomberg
Canada's federal government said in January it will cap the number of international student permits at about 360,000 this year, down 35% from 2023, a limit set to stay in place for two years. The change could crimp momentum in personal-banking account growth for Canadian lenders, several of which saw a surge in new customers in fiscal 2023. Toronto-Dominion said in its annual report it added the most new customers since 2017, while rival Canadian Imperial Bank of Commerce said it attracted 650,000 new clients last year, with both banks pointing to immigration as a factor. “Newcomers to Canada, including international students, are a material and critical segment for all of the banks,” Sona Mehta, executive vice president of Toronto-Dominion's Canadian personal-banking division, said in an interview. While there will be “ebbs and flows” owing to the government policy, the bank will keep investing to win business in the area, she said. To that end, it's still striking partnership
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CM
Earnings
- 2/29/24 - Beat
CM
Sec Filings
- 5/3/24 - Form 424B2
- 5/3/24 - Form 424B2
- 5/3/24 - Form 424B2
- CM's page on the SEC website