News Release

REF NO.: 42

SUBJECT: CIBC donates $500,000 to support bursaries for Memorial University’s business students

DATE: October 20, 2010

Undergraduate business students can now access increased bursary funding thanks to a significant donation from CIBC. The $500,000 donation, which is the largest single contribution CIBC has ever made to the university, will create the CIBC Bursary Program in Business Administration for students who demonstrate financial need, are active in community or university life, and display academic merit.
“At CIBC, we believe in making a difference where we live and work,” said Sonia Baxendale, senior executive vice president, CIBC, and president, CIBC Retail Markets. “We are pleased to provide funding for these bursaries that will help young people access higher education and build successful careers.”
Each year, for the next 10 years, the CIBC Bursary Program will assist 35 students in the Faculty of Business Administration (FBA) through 15 $2,000 bursaries and 20 $1,000 bursaries.
“Financial awards make the impossible possible for students at Memorial University,” said Dr. Gary Kachanoski, president and vice-chancellor. “Thanks to
the generous support of CIBC, over the next 10 years 350 deserving business students will be able to focus more on their academic pursuits and community engagement, without the burden of financial obstacles.”
Memorial’s Chancellor, General Rick Hillier (Ret’d), said that CIBC’s contribution also demonstrates the financial institution’s community spirit. ”With a strategic focus on youth and education, CIBC is a leader in supporting causes that matter to communities,” said Chancellor Hillier. “Memorial shares CIBC’s commitment to community, and applauds CIBC for helping advance our outreach efforts by providing funding that will encourage more business students to contribute to their communities in leadership roles.”
The donation was presented today at the grand opening of CIBC Mount Pearl Banking Centre, CIBC’s newest branch in Newfoundland and Labrador. Chancellor Hillier and Ms. Baxendale were joined by Dr. Wilfred Zerbe, dean, Faculty of Business Administration; Bob Simmonds, chair, Memorial’s Board of Regents; as well as members of the university community, including students currently enrolled in the business faculty.
“Bursaries assist students with their financial needs while in school, and alleviate the anxieties associated with working to pay for tuition, textbooks and living expenses, on top of the stresses of a post-secondary education,” said Jessica Deering, fifth-year bachelor of commerce student. “CIBC’s financial support will allow more students to focus their efforts on their studies and to take advantage of a wide array of initiatives outside of the classroom.”
About Memorial University
Founded in 1925 as a living memorial to Newfoundland’s war dead, Memorial University College was elevated to degree-granting status in 1949 as Memorial University of Newfoundland. Today, the university is the largest in Atlantic Canada, with over 17,000 students. Memorial provides excellent undergraduate, graduate and professional programs in virtually all disciplines.
Memorial’s Faculty of Business Administration is recognized as a leader in Canadian business education, offering innovative programs at the undergraduate and graduate levels. Graduates of the faculty occupy positions of leadership in private and public sectors provincially, nationally, and internationally, and its undergraduate and graduate students boast the best case competition record among Canadian universities. The faculty is home to the Gardiner Centre, which provides executive education, management development and business solutions to client organizations and individuals. For more information, visit www.business.mun.ca.   
About CIBC
CIBC is committed to supporting causes that matter to our clients, employees and our communities. We aim to make a difference in communities through corporate donations, sponsorships and the volunteer spirit of employees. With a strategic focus on youth, education and health, and employee commitment to causes including the Canadian Breast Cancer Foundation CIBC Run for the Cure, the CIBC Children's Foundation and United Way, we are investing in the social and economic development of communities across the country. In 2009, $26.8 million was contributed through the CIBC group of companies to charitable and non-profit initiatives in Canada, supporting a wide variety of national, regional and local organizations. To learn more, visit www.communitymatters.cibc.com.

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