CIBC and Hewlett-Packard Amend Outsourcing Agreement

On November 1, 2006, Canadian Imperial Bank of Commerce (CIBC) and Hewlett-Packard (Canada) Co. amended and extended their information technology outsourcing agreement, originally executed on November 1, 2002, for a further four years to 2013. The total value of the contract is approximately US$1.2 billion over the next seven years. Under the amended contract, CIBC has responsibility for desktop support infrastructure, help desk and related network services, while HP will provide services and solutions supporting CIBC's enterprise infrastructure, including Internet banking, branch tellers, automated banking machines, point-of-sale, wire payments and fraud detection systems.

CIBC was represented by in-house counsel Mike Case (IT), assisted by a team from Blake, Cassels & Graydon LLP including André Perey and Elizabeth Sale.

HP was represented by Richard Pearse, senior counsel, HP Services, and Laura Slater, contracts manager, CIBC account.