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CIBC Announces Initiatives in Support of 2015 Toronto Pan and Parapan American Games

Date : 05/04/2012 @ 5:37PM
Source : PR Newswire (US)
Stock : Canadian Imperial Bank of Commerce (CM)
Quote : 104.82  -0.01 (-0.01%) @ 4:30PM
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CIBC Announces Initiatives in Support of 2015 Toronto Pan and Parapan American Games

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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 Canada."

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 TO2015 Games.

"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.

BACKGROUNDER

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.

BACKGROUNDER

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 them on.

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.

SOURCE CIBC

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

Copyright 2012 Canada NewsWire



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