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- Heather Heyer’s Mother Says, ‘I’m Not Talking to the President’
- Goldman Sachs May Have Lost $100Mn on Energy Bet Gone Wrong
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- FINRA Amends Codes Regarding Expedited Arbitrator List Selection
- FINRA July 2017 Quarterly Disciplinary Review (Podcast)
- Senior Exec in Citigroup's Equities Unit Has Left
- Prudential Plotting its Escape From Fed's Tough Oversight
- Why CEOs Spurned Trump's Business Councils, in Their Own Words
- A Stockbroker, Her LLC, and Her Customers' Loans (Or Investment?) - Bill Singer
- Brian Quintenz Sworn In as CFTC Commissioner
- A Gary Cohn Resignation Would 'Crash the Markets' – Mgmt Guru Jeffrey Sonnenfeld
- Trading Firm DRW to Buy RGM Advisors - As Low Volatility Forces Out Weak HFT Players (subsc reqd)
- Reputational Damage - Rajat Gupta on Hard Road to Recovery
- 7th Circuit Affirms Spoofing Conviction - Bill Singer
- Wells Fargo Announces Board Changes
- Judge Rules Against Ex-Goldman Employee in Fed Leak Case
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NEWSLETTERS & ALERTS
CIBC is Expanding its U.S. Operations
[Photo: by Nathan Denette / The Canadian Press]
It looks like Canadian Imperial Bank of Commerce will be acquiring PrivateBancorp in a deal valued at $4.9 billion. CIBC, the 5th-largest bank in Canada, needed to sweeten its initial offer for the Chicago-based financial institution by about 20%. While at least one KBW analyst thinks the latest offer is still too low, the deal has the blessing of both boards and is expected to close in the next couple of months.
PrivateBancorp’s profile fits perfectly into CIBC’s plans to expand its commercial and private banking business in the U.S. and leverage its wealth-management platform in the country. PrivateBancorp has about $20 billion in assets, and serves largely middle-market companies, business owners and wealthy families.
PrivateBancorp’s President Larry Richman is enthusiastic about joining CIBC and said: “We look forward to closing the transaction as expeditiously as possible."