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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."