Gillian Tan, Columnist

CIBC's Heart Is Set on the USA

While the Canadian lender wasn't as generous as some PrivateBancorp shareholders were hoping, the revised deal terms are adequate.

March 30, 2017 at 5:47 PM UTC

By Gillian Tan

Gillian Tan is a senior reporter covering finance and alternative asset classes including real estate, infrastructure, private equity, private credit, venture capital and sports business. She previously wrote an opinion column for Bloomberg and was a reporter at the Wall Street Journal. She is a qualified chartered accountant.

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Finally, a break in the stalemate between Canadian Imperial Bank of Commerce and its U.S. target.

CIBC on Thursday sweetened its offer for Chicago-based PrivateBancorp Inc. by 20 percent to roughly $4.9 billion, a move that I wrote was necessary in light of the rally in bank stocks following November's election. The prospect of stronger economic growth, interest-rate hikes and both regulatory and tax reform under President Donald Trump has buoyed the sector, though it has recently given some back ground on fears his failure to exact changes to health-care laws could be repeated in other policy endeavors. Still, enough of the gains have stuck to justify the bump.