11:11:41 EST Wed 01 Feb 2023
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Canadian Imperial Bank of Commerce (CIBC)
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CIBC Innovation Banking opens North Carolina office

2022-08-23 11:11 ET - News Release

Mr. Mark McQueen reports


Canadian Imperial Bank of Commerce's CIBC Innovation Banking is expanding its presence in the southeastern region of the United States through a new office in Durham, N.C.

Through its new 14th regional office, CIBC Innovation Banking will help support the growth ambitions of the hundreds of start-ups and innovation companies emerging in the Research Triangle area by delivering its expertise in growth capital, advisory and cash management.

Alan Spurgin, currently managing director and co-head, U.S. technology banking at CIBC Innovation Banking, will lead the group's expansion into North Carolina, which has seen entrepreneurs create new businesses at a torrid pace over the last few years -- reinvigorating its status as a hub for innovation. Joining Mr. Spurgin in the new Durham office is Walt Sparks, who joins the CIBC Innovation Banking North American team as an executive director.

Mr. Sparks will focus on expanding the CIBC Innovation Banking team's syndicated lending efforts and bring its comprehensive offerings and expertise to the start-ups and entrepreneurs of the region and across the country. Mr. Sparks brings nearly 10 years of experience in executing various syndicated structures for sponsor-backed companies ranging from early-stage venture capital to late-stage PE buyout. Prior to joining the Innovation Banking group, Mr. Sparks worked within PNC's technology finance group focusing on recurring revenue lending to software-as-a-service businesses across the globe.

Further bolstering its talent in the Northeastern region of the U.S., CIBC Innovation Banking has also brought on Andrew Phillips as a managing director based out of its Boston office.

Mr. Phillips brings nearly 20 years of experience in senior secured lending, with a history of banking software and technology businesses ranging in stage from high growth to public. He held various sponsor coverage and specialized lending roles of increasing responsibility at Wells Fargo Foothill/Wells Fargo Capital Finance before joining CIBC Innovation Banking. Mr. Phillips has also supported various industry organizations, including serving as president of the Northeast chapter of the Turnaround Management Association.

"We're thrilled to be expanding our presence and growing our team with top talent in these key eastern markets, well known for their established start-up ecosystems," said Mark McQueen, president and executive managing director at CIBC Innovation Banking. "As we look to bring the CIBC Innovation Banking brand and product suite to the southeastern region and bolster our existing capabilities in the Northeast, Walt and Andrew's combined experience and demonstrated know-how will be pivotal to our ecosystem as we look to help fuel the next wave of software, life sciences, health care and clean tech innovation companies."

Durham, N.C., marks the 14th office to open as the group continues its strategic growth in key technology, life science and clean tech markets across North America, the United Kingdom and select European markets.

About CIBC Innovation Banking

CIBC Innovation Banking delivers strategic advice, cash management and financing to innovation companies across North America, the U.K. and select European countries at each stage of their business cycle, from start-up to initial public offering and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, Durham, London, Menlo Park, Montreal, New York, Reston, Seattle, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC's commercial banking and capital markets businesses.

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