CIBC announces million dollar youth scholarship program and naming
rights to athletes' village
TORONTO, May 4, 2012 /CNW/ - CIBC (CM:TSX) (CM:NYSE) today furthered its
commitment to the Toronto 2015 Pan/Parapan Am Games by announcing plans
to support athletes' dreams and amateur sport in Canada.
"We are very proud to be the Lead Partner of the Toronto 2015
Pan/Parapan Am Games because we know that sport connects families,
fosters communities and strengthens nations," said Richard Nesbitt,
CIBC's Senior Executive Vice-President. "Today we are proud to announce
initiatives that will create a lasting legacy for youth and sport in
CIBC Pan and Parapan Games Athletes' Village
CIBC and the TO2015 Organizing Committee today announced that as the
lead corporate sponsor, the Athletes' Village will be named - CIBC Pan
and Parapan Am Games Athletes' Village.
"The honour of naming the Village after CIBC speaks to how this great
Canadian financial organization's support of athletes, community and
culture can come together and create great opportunities," says Ian
Troop, Chief Executive Officer, TO2015 Organizing Committee.
"While the sport competitions will be taking place all over the region,
the CIBC Pan and Parapan Games Athletes' Village will be the heart and
soul of the Games in the summer of 2015," said Mr Nesbitt.
CIBC Youthvision Scholarship Athlete Award
In addition to the name of the Athletes Village, CIBC also introduced
the CIBC Youthvision Scholarship Athlete Award. The new CIBC
Youthvision Scholarship Athlete Award represents a more than $1 million
investment CIBC is making in young people and amateur sport in Canada.
Three scholarships per year for the next ten years will be awarded to
at-risk students who excel in sports. The CIBC Youthvision Scholarship
Athlete Awards are an extension of CIBC's very successful Youthvision
Scholarship Program, now in its 15th year and boasting 420 successful graduates.
Annually, 30 new students are given this six year commitment totaling
almost $40,000 each towards tuition for four years, summer internships
and mentorships through the YMCA and Big Brothers Big Sisters that
begin right after Grade 10.
"We know that it takes extraordinary determination, skill and commitment
to earn the right to wear our country's uniform as an athlete in the
Pan/Parapan Am Games," said Mr. Nesbitt. "Through the CIBC Youthvision
Scholarship Athlete Award we hope to encourage more young people to
achieve their dream."
Joining CIBC and TO2015 officials at today's announcement were
representatives from all three levels of government supporting the
"The Government of Canada is proud to be making a significant investment
in the 2015 Pan and Parapan American Games," said the Honourable Peter
Kent, Minister of the Environment. "Along with corporate sponsors like
CIBC, these Games are on course to be a huge success for Toronto,
Ontario, and Canada."
"The CIBC Athletes' Village will be an outstanding home away from home
for athletes, coaches and officials during the TO2015 Games,' said the
Honourable Charles Sousa, MPP and Minister of Citizenship and
Immigration and Minister Responsible for Pan/Parapan American Games.
"The McGuinty government is transforming the Toronto's West Don Lands
into a welcoming and vibrant community, creating 5,200 jobs."
"The City of Toronto applauds CIBC's commitment to the 2015 Pan/Parapan
American Games, and welcomes its generous support of current and
aspiring athletes," said Toronto City Councillor Mark Grimes, Chair of
the Mayor's Pan Am Games Secretariat. "The partnerships and investments
announced by CIBC today are a great example of civic leadership, and
will help to ensure the success of the Games in 2015 and a legacy of
excellence and economic opportunity."
CIBC is a leading North American financial institution with nearly 11
million personal banking and business clients. CIBC is committed to
supporting causes that matter to our clients, our employees and our
communities. We aim to make a difference in communities through
corporate donations, sponsorships and the volunteer spirit of
employees. In 2011, CIBC contributed more than $35 million to
charitable and non-profit initiatives in Canada to support national,
regional and local organizations. You can find other news releases and
information about CIBC in our Press Centre on our corporate website at www.cibc.com.
CIBC Youthvision Scholarship Athlete Award
Each year the CIBC Youthvision Scholarship program commits more than $1
million to make post-secondary education dreams a reality for youth-in
need, ultimately helping to break the cycle of poverty in their family.
Now in its 14th year, this one-of-a-kind program has already helped 420 students and
committed over $14 million.
Scholarship winners receive six summer internships through the YMCA that
begin right after Grade 10 and a $4,000 annual contribution towards
tuition for four years.
The recipients receive ongoing mentoring from either Big Brothers Big
Sisters of Canada or the YMCA until they graduate from their
post-secondary education. In addition to the scholarships, each of the
students take part in CIBC Money Smarts for Students Seminar helping
them shape their financial futures as they prepare to head off to
college or university. To be eligible, Grade 10 students must be
enrolled in a mentoring program with Big Brothers Big Sisters of Canada or the YMCA.
In support of the Pan/Parapan Am Games, for the next ten years CIBC is
adding 3 additional scholarships per year worth $40,000 each, to
students that meet all the existing program criteria, with the addition
of a special athletic and sport component. This is a $1 million
investment we are making in young people, and in support of the legacy
of the 2015 Games.
"The CIBC Youthvision Scholarship is one of the most unique programs in
Canada because it is not based solely on academic achievement," said
Bruce MacDonald, President & CEO of Big Brothers Big Sisters of Canada.
"The selection process looks at the whole student - whether they have a
mentor, the role they play in their family, the volunteer work they do
- in addition to the potential for acceptance into post-secondary
education. By awarding intern positions and scholarships while in grade
10, CIBC helps build self-esteem, and gives these students the
incentive and financial support to really believe they can go to
college or university."
CIBC's flagship education program, CIBC Youthvision™, has been recognized by Imagine Canada as being an outstanding
partnership between the business and charitable sectors.
CIBC and the Toronto 2015 Pan/Parapan Am Games
At CIBC, we look for opportunities to invest our hearts, our minds and
our financial resources in initiatives that matter to our clients and
our employees, while leaving an indelible mark on Canadian communities
- enriching them and making them stronger.
CIBC has history of deep community involvement and commitment to
celebrating Canada's diversity. We are proud to associate our brand
with this exciting and inclusive event that has the potential to
inspire a generation of young athletes, strengthen the values of our
communities, and leave behind a sustainable legacy for years to come.
An international sporting and cultural event such as the 2015 Toronto
Pan/Parapan Am Games is an enormous opportunity for Canada, for Ontario
and for the Greater Toronto Area.
As the lead sponsor of TO2015, CIBC looks forward to celebrating the
Games' high performance athletes and engaging the millions of people in
communities across Canada and around the world who will be cheering
CIBC's Involvement as an Active Partner with TO2015
Through our involvement with world-class sponsorships like the FIFA
World Cup™, the Canadian Breast Cancer Foundation CIBC Run for the
Cure, and the 2011 International Indian Film Academy (IIFA)
Celebrations, we have proven ourselves as a valuable partner in
delivering comprehensive, innovative, fully integrated programs that
engage, unite and energize Canadian communities.
CIBC's partnership with the Toronto Pan/Parapan Am Games will bring much
more than just financial support. Beyond the monetary investment we are
committing, CIBC's partnership with TO2015 will include a comprehensive
national marketing strategy, volunteer program experience, professional
banking expertise, legacy scholarships and athlete support, and a
proven track record of grassroots engagement and community activation.
Through the passion of our people, our deep organizational resources,
our relationships with some of Canada's most respected companies, and
our vast expertise in engaging and inspiring Canadians, we will help
deliver a unique and exceptional event that will help transform lives
and communities and enrich the lives of the athletes that come to
Toronto in 2015, and of the people who call this region home before and
after the Games take place.
Support for Youth and Education
CIBC has a long history of supporting youth, education and aboriginal
initiatives. For the past 12 years, CIBC has invested more than $10
million in the CIBC Youthvision Scholarship program for
under-privileged youth. We will leverage these programs to introduce
new scholarship initiatives to support the TO2015 legacy.
Supporting Amateur Sport
At the core of our involvement with the 2015 Toronto Pan/Parapan Am
Games is a deep commitment to high performance athletics. We envision
an event that will enrich the lives of the athletes who come to Toronto
in 2015 and we want to celebrate, recognize and support the dedication
and sacrifice it takes to become a high performance athlete - long
before a medal is ever awarded.
Engaging and Building our Communities
Whether it's the leadership role we play in 60 communities across Canada
as the long-term title partner of the CIBC Run for the Cure, the
innovative cross-country Soccer Nation Tour that visited dozens of
communities during the 2010 FIFA World Cup, or the CIBC Celebrates the IIFAs event in Toronto that brought the magic of Bollywood music and dance to
life for 15,000 fans, CIBC has a proven track-record of actively
engaging our diverse employees, clients and communities.
We will leverage this same fresh creative thinking to deliver unique,
innovative programs for TO2015 that bring Canadians together in support
of the Games and the high performance athletes who compete in them.
Image with caption: "Multiple Pan Am and Olympic medalist, Molly Killingbeck, and current national team track coach celebrates with students from Market Lane Public School at the official naming of the CIBC Pan and Parapan Am Athletes' Village. (CNW Group/CIBC)". Image available at: http://photos.newswire.ca/images/download/20120504_C4265_PHOTO_EN_13158.jpg
Image with caption: "Students from Market Lane Public School in Toronto get caught up in the moment as CIBC today announced a million dollar youth scholarship program and naming rights to the Pan and Parapan Am athletes' village - now called the CIBC Pan and Parapan Am Athletes' Village. (CNW Group/CIBC)". Image available at: http://photos.newswire.ca/images/download/20120504_C4265_PHOTO_EN_13156.jpg