The outlets are aimed at the small business and SOHO (small office home office) markets, promising no-fee daily business banking through the Internet and by telephone.
In a brief announcement Friday, CIBC said the decision to close bizSmart was "associated with the restructuring measures announced by CIBC on October 21.
On that date, it announced plans to reduce or close its U.S. electronic banking business and said it would "implement network optimization and efficiency measures" at its retail banking and other areas.
CIBC operates bizSmart outlets in every province except Quebec
BizSmart has 150 employees. Some will be offered work at other CIBC operations.
CIBC said existing bizSmart customers would be offered a new, no-fee daily business banking package.
"CIBC remains committed to the small business sector and has more than 1,200 employees dedicated to meeting the needs of more than 400,000 Canadian business customers," the bank said in a release.
CIBC said no changes would be made in its electronic banking operation (President's Choice Financial), which it says will be profitable by the fourth quarter of 2003.
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