The Canadian Imperial Bank of Commerce (CIBC) has moved its European headquarters from London to Luxembourg following Brexit.
The bank has migrated the accounts of its continental European clients to its newly established Luxembourg base, the bank announced in a press release. “As a European and international financial centre located between Germany, France and Belgium, Luxembourg is an ideal location for CIBC to extend its European reach,” said Wayne Lee, Managing Director and Head, Europe & Asia Pacific Region. CIBC will continue to serve its UK clients from its London office.
Services offered by CIBC include corporate lending services, foreign exchange, money market instruments, structured notes, interest rate products and OTC derivatives.
CIBC’s continental Europe operations will be led by Thomas Pellequer, Chief Executive of CIBC Capital Markets (Europe) S.A. Mr. Pellequer has spent more than a decade at CIBC, most recently leading the bank’s Corporate Solutions Group for Europe and Asia.