|Canadian Imperial Bank of Commerce - CM.t is one of Canada's chartered banks, fifth largest by deposits. |
Operating as CIBC World Markets and CIBC Retail Markets, the bank has international operations in the United States, the Caribbean, Asia and the United Kingdom. Globally, CIBC serves more than eleven million clients, and has over 40,000 employees.
"CIBC (TSX: CM) (NYSE: CM) today announced that it has entered into a definitive agreement to acquire PrivateBancorp, Inc. (NASDAQ: PVTB) and its subsidiary, The PrivateBank, a high-quality Chicago-based middle market commercial bank with US$17.7 billion in assets, complemented by private banking and wealth management capabilities.
The transaction will significantly expand CIBC's reach in North America, and enable PrivateBancorp to continue building on its record of growth and client service under the leadership of its current management team. The acquisition will create a platform for CIBC to deliver U.S. banking services to its existing Canadian personal and business banking clients, accept deposits in the U.S., and provide commercial and private banking services to the clients of Atlantic Trust, following receipt of required approvals. Atlantic Trust, a leading U.S. private wealth management firm serving high net worth families, private foundations and endowments, was acquired by CIBC in fiscal 2014. For PrivateBancorp, the transaction will bring added financial strength, the benefits of a larger banking enterprise and deeper wealth management expertise to its clients across the U.S.