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Streetwise newsletter: CIBC unveils own digital bank; Fidelity plots move into Canadian ETF market

A CIBC sign is seen outside of an Ottawa branch in 2016.

Chris Wattie/Reuters

Starting on Nov. 1, CIBC will create a branchless banking brand, Simplii Financial, and move about two million clients from President's Choice Financial, a low-cost banking subsidiary run jointly with grocery behemoth Loblaw Cos. Ltd. Story (James Bradshaw)

MORE FINANCIAL SERVICES

The Canadian arm of U.S. mutual fund giant Fidelity Investments is gearing up to enter the crowded market for exchange-traded funds, with the company on the hunt for an executive to develop ETFs to sell in this country. Story (Clare O'Hara)

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General Motors Co. is delisting its shares from the Toronto Stock Exchange in Canada effective at the end of November. Story

GOVERNANCE

Hedge fund Elliott Management has upped the stakes at BHP , gaining powers to push for change by raising its holding in the miner's London-listed arm to 5 per cent. Story

WHAT WE'RE READING

How Not to Launch an IPO Bloomberg

Shutterstock Inc. is turning to Canada to help reinvent itself. It announced the purchase of Toronto-based Flashstock for $50-million in June to offer companies access to photographers and videographers. That builds on its $32-million purchase of Montreal-based PremiumBeat in 2015. Bloomberg

Increased scrutiny from fund managers on corporate executive pay packages is starting to shape boardroom behavior, a data review has found. Institutional Investor

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Island Capital Partners, a new $4-million-plus investment fund, has launched to fund startups and add some investment power to the deepening startup ecosystem on Prince Edward Island. Entrevestor

Mashable Inc. is exploring strategic options including the sale of all or part of the online media company, according to people with knowledge of the matter. Bloomberg

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