Big U.S. Bet Pays Off for CIBC With Earnings Ahead of Target
- Canadian bank pushes for more U.S. deposits and business loans
- U.S. chief Richman, longtime Chicago banker, eyes next chapter
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A year after buying Chicago-based PrivateBank in its biggest ever acquisition, Canadian Imperial Bank of Commerce’s U.S. foray is already exceeding its expectations.
CIBC’s U.S. head Larry Richman -- the veteran Chicago banking executive who migrated with the $5 billion acquisition completed in June 2017 -- said he’s driving a “strong and steady" expansion under the wings of Canada’s fifth-largest lender by assets.