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CIBC, YAHOO! Offer U.S. Payment Service

[Toronto, CANADA] - CIBC has inked a relationship with Yahoo! Inc. to offer and support Yahoo! PayDirect, an online person-to-person payment solution.

CIBC has teamed up with Yahoo! to provide Yahoo! PayDirect U.S.consumers a way to request, receive, send and make payments over the Internet, eliminating the need for mailing paper checks and money orders.

Users will have the added assurance that a major financial institution with Internet banking capabilities stands behind the service.

Yahoo! PayDirect accounts will be held and managed by CIBC National Bank, a member of the Amicus group of companies. Amicus was established by CIBC to bring together its Internet banking business.

Amicus is the brand for CIBC's co-branded banking strategy worldwide. Under Amicus, CIBC can deliver financial services through relationships with leading North American companies. It has strategic alliances with Loblaw Companies Limited in Canada and Winn-Dixie in the southeastern U.S. and an alliance with Safeway in the western U.S.

CIBC is one of North America's leading financial institutions with US $181 billion in assets and more than eight million personal banking and business customers.