American Century Proceeds Seen Helping CIBC on Other Deals

  • Nomura agrees to buy 41% stake from CIBC for $1 billion
  • Canadian bank still seeking to expand U.S. wealth business

Canadian Imperial Bank of Commerce’s sale of its minority stake in American Century Investments gives the lender more capital to expand its U.S. wealth-management business through other purchases, analysts including Barclays Plc’s John Aiken said.

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