CIBC yesterday unveiled a new organizational structure designed to enhance its retail banking offer in the Canadian market.

Effective immediately, CIBC will merge its current Retail Markets division with parts of its Wealth Management division, including Imperial Service, Private Wealth Management and the GIC product line.

“CIBC’s separation of the Imperial Service and the Private Banking management structures helped us to create the country’s leading banking and advisory capability for affluent Canadians,” said Gerry McCaughey, CIBC president and COO, in a release.

“Having firmly established these capabilities, the integration of these parts of Wealth Management with Retail Markets will deliver product benefits for our clients, as well as improved efficiency, accountability and productivity.”

The new Retail Markets division will be led by Sonia Baxendale, who has been appointed senior executive vp, Retail Markets. Formerly senior executive vp, Wealth Management, Baxendale joined CIBC in 1992 and has broad experience in the wealth and retail financial services sectors. “Sonia brings demonstrated expertise in both the distribution and product businesses to her new role. Her leadership skills and client focus will further the success of Retail Markets,” said McCaughey.

CIBC’s Wealth Management division will now be comprised of CIBC Wood Gundy’s Private Client and Online Brokerage divisions, as well as TAL Global Asset Management and CIBC’s Asset Management businesses.

To lead the new Wealth Management division, CIBC has appointed Victor Dodig, formerly CEO, UBS Global Asset Management (Canada), as executive vp, Wealth Management, reporting to McCaughey. A graduate of the University of Toronto and the Harvard Graduate School of Business Administration, where he was a Baker Scholar, Dodig has had wealth management business experience in the United States, Europe and Canada.

In a separate release, CIBC said Jill Denham, vice chairwoman, Retail Markets, is leaving the bank to pursue other interests.

“I want to personally thank Jill for her 22 years of service to CIBC,” said John Hunkin, chief executive of CIBC. “Jill brought energy and enthusiasm to every position she held at the bank and was instrumental in successfully repositioning our Retail operations.”