CIBC to pay $3.8 bln for PrivateBancorp, expand in U.S.: Reuters
Canadian Imperial Bank of Commerce said it will buy Chicago-based PrivateBancorp Inc in a US$3.8 billion cash-and-share deal, its biggest ever acquisition and a long-awaited expansion in U.S wealth management, Reuters reported. CIBC has been in talks with potential U.S. targets for some time as it looked to expand its wealth management business. The bank sees the sector as a growth area that could help offset sluggish domestic growth and a low-interest-rate environment.
29 June 2016•3 mins read
