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SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report
July 25, 1996
FISERV, INC.
(Exact name of registrant as specified in its charter)
Wisconsin
(State or other jurisdiction of incorporation)
0-14948 39-1506125
(Commission File Number) (IRS Employer Identification No.)
255 FIserv Drive 53045
Brookfield, Wisconsin (Zip code)
(Address of principal
executive offices)
Registrant's telephone number, including area code
(414) 879-5000
ITEM 7. (C) EXHIBITS.
(1) News release by Fiserv, Inc., dated July 25, 1996.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FISERV, INC.
By /S/ EDWARD P. ALBERTS
------------------------
EDWARD P. ALBERTS
Senior Vice President - Finance
Date: July 25, 1996
For release: July 25, 1996
Fiserv, Inc. and Canadian Imperial Bank of Commerce Announce
Formation of New Item Processing Company in Canada
Brookfield, Wisconsin, July 25, 1996--Fiserv, Inc. and Canadian
Imperial Bank of Commerce (CIBC) announced today that they have signed a
letter of intent to form a new item processing services company comprised
of all the CIBC item processing and currency operations centers in Canada.
The innovative new Canadian company will be a subsidiary of CIBC with some
equity held by Fiserv Canada, a subsidiary of Fiserv, Inc. It is being
formed to provide the industry's most advanced item processing services to
CIBC and other financial institutions.
Specifically, Fiserv will play a significant role in long-term strategy
development, as well as be responsible for the operational management of
item processing services provided by the new company.
According to the letter of intent, Fiserv will receive a
management fee arrangement which is consistent with industry practice.
Fiserv will also share in the success of the new company as other financial
institutions participate. Initial annualized revenues for the jointly-owned
company are expected to be approximately $112 million (U.S.) and to
increase as other Canadian financial institutions participate in this
solution for their item processing and currency operations.
Scotiabank of Toronto, with $152 billion (Canadian) in assets and 1,460
branches, is expected to participate through its strategic alliance with
CIBC, which was announced separately today.
"Fiserv internal growth continues to accelerate as we gain an
increasing number of client relationships among major financial
institutions based upon our flexibility in partnering," commented Leslie M.
Muma, Vice Chairman, President and Chief Operating Officer for Fiserv, Inc.
"The new item processing services company to be formed by CIBC and Fiserv
is a major initiative which should enable our respective organizations to
gain significant synergies in item processing and currency handling
operations. We expect the new organization to be a growth business in
offering our improvements to other Canadian institutions in the financial
services market. In this regard, we are extremely excited about the
prospect of Scotiabank benefiting from this new company. The
CIBC-Scotiabank alliance will be a world-class technology initiative."
The item processing work proposed to be managed by Fiserv on behalf of
CIBC is currently performed by approximately 3,000 employees in 13 Canadian
cities. These jobs and functions will remain in Canada under the new
company. As with all its international operations, Fiserv stresses the
utilization of local resources. As part of this innovative strategy, CIBC
is moving its related processing operations and employees into this new
subsidiary of CIBC.
"The proven Fiserv reputation for delivering advanced information
technology within large-scale operations which serve multiple clients, as
well as their demonstrated performance in creating growth opportunities for
people employed in these operations, played a significant role in our
decision," stated Burt Napier, CIBC Executive Vice President, Operations &
Technology. "The Fiserv depth of experience will help CIBC meet our service
enhancement goals for our customers and our aggressive implementation
schedules for new technology."
Fiserv, with the largest item processing client base in the industry,
is recognized as having extensive knowledge of item processing workflows,
imaging solutions and other back-office processes performed in financial
data centers. In the new Canadian company, Fiserv will help focus on areas
of item processing which are growing due to the changing ways customers use
financial services. These areas include: ATM activities; night deposits;
corporate deposits; payment processing; verification and account
maintenance; records management and customer account statements.
Under the letter of intent, CIBC expects to transfer initial annual
processing volumes to the new company including approximately 700 million
checks, 25 million utility bills, 24 million sales draft and payment
transactions, 40 million automated teller machine (ATM) deposit envelopes,
5 million commercial deposits and 82 million customer statements.
"Consumers demanding better, faster and more convenient banking and
advanced technology are rapidly changing the way we provide financial
services," stated Napier. "We are taking an innovative approach to
revamping our items processing operations so we can continue to provide
leading-edge services to Canadian consumers. By bringing in Fiserv, we are
bringing in a partner with the best technical and management expertise in
this field. Fiserv can help us maintain our leadership position by
enhancing our operations and offering this improved service to other
financial institutions and organizations such as governments, which also
process financial transactions."
CIBC is Canada's second largest financial institution with over $183
billion (Canadian) in assets. Its 40,000 employees offer a full range of
products and services to individual, business, corporate and government
clients through 1,400 branches and offices across Canada and around the
world.
Scotiabank, with $152 billion (Canadian) in assets, is Canada's most
internationally diverse bank, serving customers through 1,460 branches and
offices in 47 countries around the world.
Fiserv, formed in 1984, posted 1995 year-end revenues of $703.4 million
(U.S.). The company designs, develops and supports specialized information
technology products and services to over 5,000 financial institutions
throughout the United States and in over 50 countries around the world.
Headquartered in Brookfield, Wis., Fiserv has operations in more than 60
cities, including London and Singapore. Fiserv is traded on the NASDAQ
over-the-counter market under the symbol FISV.
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For more information:
Kevin Kasper Heather Whyte
Fiserv CIBC in Toronto
(800) 425-FISV, (414) 879-5129 (416) 980-3038