CIBC Extends Canada Push Into U.S. With PrivateBancorp Deal

  • Stock-and-cash deal for Chicago bank valued at $3.8 billion
  • CEO says deal expands CIBC’s options ‘south of the border’

Canadian Imperial Bank of Commerce agreed to buy Chicago-based PrivateBancorp Inc. for $3.8 billion, joining the list of Canadian lenders looking to the U.S. to diversify beyond their home turf.

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