Trump needs to stop this horrible injustice.
We don't need walls, just electrified fences.
CIBC bulks up in the U.S. with $4.9B takeover of PrivateBancorp
Canadian Imperial Bank of Commerce said it would buy Chicago-based PrivateBancorp Inc in a cash-and-stock deal valued at about $4.9-billion to offer its Canadian clients access to U.S. banking services.
PrivateBancorp’s shares rose 26.5 per cent to $45.46 in premarket trading on Wednesday, close to the offer price of $47 (U.S.) per share.
CIBC said the deal would also help it provide commercial and private banking services to the clients of Atlantic Trust, a wealth management firm it acquired in 2014.
“The transaction will significantly expand CIBC’s reach in North America,” the Canadian bank said.
PrivateBancorp will remain headquartered in Chicago and retain its Illinois state banking charter.
The deal is expected to close in the first quarter of 2017.
“Acquiring PrivateBancorp accelerates our strategy of building a strong, innovative and client-focused bank by creating opportunities to bank across borders for our Canadian clients, and offering more services to our private wealth clients at Atlantic Trust,” said Victor Dodig, CIBC chief executive officer.
“We see this as a long-term strategic transaction that creates a platform for growth across North America, expands and deepens our client relationships, and creates a broader, diversified, and more valuable CIBC for our shareholders, our clients, and our team.”
CIBC bulks up in the U.S. with $4.9B takeover of PrivateBancorp - BNN News
We don't need walls, just electrified fences.
CIBC bulks up in the U.S. with $4.9B takeover of PrivateBancorp
Canadian Imperial Bank of Commerce said it would buy Chicago-based PrivateBancorp Inc in a cash-and-stock deal valued at about $4.9-billion to offer its Canadian clients access to U.S. banking services.
PrivateBancorp’s shares rose 26.5 per cent to $45.46 in premarket trading on Wednesday, close to the offer price of $47 (U.S.) per share.
CIBC said the deal would also help it provide commercial and private banking services to the clients of Atlantic Trust, a wealth management firm it acquired in 2014.
“The transaction will significantly expand CIBC’s reach in North America,” the Canadian bank said.
PrivateBancorp will remain headquartered in Chicago and retain its Illinois state banking charter.
The deal is expected to close in the first quarter of 2017.
“Acquiring PrivateBancorp accelerates our strategy of building a strong, innovative and client-focused bank by creating opportunities to bank across borders for our Canadian clients, and offering more services to our private wealth clients at Atlantic Trust,” said Victor Dodig, CIBC chief executive officer.
“We see this as a long-term strategic transaction that creates a platform for growth across North America, expands and deepens our client relationships, and creates a broader, diversified, and more valuable CIBC for our shareholders, our clients, and our team.”
CIBC bulks up in the U.S. with $4.9B takeover of PrivateBancorp - BNN News
