CIBC Agrees to Buy Atlantic Trust for $210 Million
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Canadian Imperial Bank of Commerce, Canada’s fifth-biggest bank, agreed to buy Atlantic Trust Private Wealth Management from Invesco Ltd. for $210 million to expand its wealth-management business in the U.S.
“Atlantic Trust offers a very attractive entry point for CIBC into the U.S. private wealth-management segment,” Victor Dodig, group head of wealth management for the Toronto-based bank, said today in an interview. “This is a growth platform.”