CIBC has signed a $2 billion deal with U.S. computer giant Hewlett-Packard to manage the bank’s information technology for the next seven years.

HP and CIBC also announced HP’s acquisition of CIBC’s
interest in the INTRIA-HP joint venture. This strategic investment by HP in IT infrastructure services resources and skills strengthens the company’s ability
to provide comprehensive outsourcing and adds numerous clients to its portfolio.

Under the agreement, HP will manage a significant percentage of CIBC’s IT infrastructure from desktop PCs to mission-critical systems and software.

HP will provide related technology procurement, asset management and IT vendor management as
part of its comprehensive services offering. HP also will provide application support services.

“With HP’s expertise, global presence and outstanding customer service, this joint venture has given us a distinct advantage with our customers over the past four years,” said John Hunkin, chairman and CEO,
CIBC.