Thank you very much, and good morning.
I am pleased to have the opportunity to provide CIBC's comments on the issues of choice and competition with respect to banking services in Canada.
Let me begin by giving you a brief overview of CIBC's approach to enhancing services for our clients and ensuring continued competitiveness. CIBC has made, and continues to make, significant investments in all of our distribution channels to improve accessibility and the range of services we offer our clients. As a result of these investments, today we operate one of the largest branch, ABM, telephone banking, and online banking networks across Canada. We have been upgrading our network to adapt to changing market conditions. CIBC has approximately 1,050 branches across Canada. To that end we are in the process of opening, relocating, or expanding another 70 branches, to be completed over the next five years.
Our telephone banking and online banking services hold leading positions in the marketplace. In fact CIBC's client website was just ranked number one among Canadian banks by an independent market research firm.
We have built the country's second largest bank-operated network of ABMs, with more than 3,800 bank machines, representing 23% of ABMs operated by Canadian banks. Earlier this month we announced the completion of a multi-year $90 million upgrade of our ABM network, offering improved access for persons with disabilities, enhanced security, and new transaction features. For example, we have doubled the number of CIBC access for all ABMs, from 610 in 2004, to almost 1,200 today. These machines are installed at wheelchair-accessible height, and include headphone jacks for audio access, grab bars, and improved lighting.
We have also provided clients with the opportunity to complete withdrawals more quickly, and we have added a calculator to help them total multiple deposits. We have developed new ABM features to deter card-skimming devices and keep our clients' accounts secure. In addition to ABM locations at our branches, clients can access CIBC bank machines at convenience stores, universities, colleges, and hospitals, as well as Loblaws grocery stores through our President's Choice Financial machines.
By investing in and maintaining such a large network, we are providing our clients with very broad access, convenience, and choice. We are also providing them with the opportunity to avoid ABM surcharge fees by using our network versus those of other banks or white label bank machines. In fact almost 90% of all ABM transactions undertaken by CIBC clients are done at our CIBC machines, meaning our clients pay no additional fees. These investments in our ABM network, as well as in our branches, telephone banking, and online banking, are how CIBC is responding to the competitive financial services market in Canada.
We have taken steps to address the specific needs of students, seniors, and those with disabilities. For example, through our CIBC Advantage account, our clients aged 60 or older have access to an unlimited number of free transactions through the CIBC channel of their choice, as well as free bank drafts and money orders. CIBC remains committed to providing our clients with the most convenient, accessible, and affordable financial solutions.
Thank you. I look forward to your questions and comments.