VANCOUVER, B.C. - Canadian Imperial Bank of Commerce (TSX:CM) says its strategy to concentrate more of its business at home in Canada will benefit it during the current recession and that it will lessen its lending risk by limiting growth on credit cards.
CEO Gerald McCaughey said the bank is in better shape than its industry peers because of its lessened exposure in the United States.
"Our exposure in the retail and consumer areas that are having difficulty in other stressed markets such as the United States is nowhere near what any of our counterparts have in terms of exposures," CEO Gerald McCaughey said Thursday.
"That has been our strategic thrust to make sure we are highly concentrated within Canada and so we do believe, as we play out through the entire cycle, that will work to our benefit."
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