The new branch is scheduled to open in the spring of 2009.

"Our new location will offer our north Oakville clients the flexibility to bank closer to where they live, work and shop," said Larry Tomei, Senior Vice President of Central Ontario, CIBC Retail Markets. "The investment CIBC is making in Oakville provides our clients with greater flexibility, access and choice and demonstrates our commitment to meeting the financial needs of this growing community."

CIBC currently has six other locations in Oakville.

The new Oakville CIBC location will be a stand-alone building within the Power Centre development and will feature extended hours and five automated banking machines (ABMs), including a drive-thru ABM.

The new branch is part of CIBC's plan to build, relocate and expand more than 70 new branches across Canada by 2011. Its current network of 1,049 full service branches, combined with these new locations, ensures a strong presence.