CIBC completes US$5 billion PrivateBancorp acquisition
28/06/2017
BNN
Canadian Imperial Bank of Commerce has completed the $5 billion acquisition of Chicago-based PrivateBancorp, which will help it diversify from its domestic market, it said on Friday. CIBC, Canada’s fifth-biggest lender, has the biggest exposure to the country’s housing markets. Concerns are mounting about falling home prices in Toronto and Vancouver, and the bank has long coveted a major U.S. acquisition.
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