The bank unveiled its specialized package on Thursday
CIBC became the latest bank to compete for the lucrative physician market segment when it unveiled its Full Service Physician Package on Thursday.
The news came a day after the Bank of Nova Scotia launched an offering aimed at physicians, but Andrew Turnbull, CIBC’s senior vice-president, business banking, said CIBC’s announcement had been in the planning stages for a while.
“We’ve been working on this offer for some time,” Turnbull said in an interview, adding that the package was launched a few weeks ago before being announced publicly. CIBC and Scotiabank aren’t the only banks competing for doctors’ business—TD has also introduced a suite of services for health care professionals.
As the playing field for this market segment becomes increasingly crowded, Turnbull said he believes CIBC is well-positioned to compete.
“Our package is unique in that it fully integrates personal and business banking needs,” Turnbull said, noting that clients have access to expertise from all of the teams within CIBC.
The bank’s offering includes special rates on business and personal lending, funding for up to 100% for physicians’ start-up and expansion costs, and specialized business operating accounts. CIBC has also launched a banking bundle for medical and dental students.
And, like its competitors, CIBC is offering investment advice to physicians, including preferred pricing on investments for physicians and their spouses.
The competition for physicians started to heat up last year when Scotiabank acquired MD Financial from the Canadian Medical Association for $2.6 billion. TD launched its TD Wealth Management for Health Care Practitioners service in December.