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