Gillian Tan, Columnist

Digesting CIBC's Big U.S. Bite

Its deal for PrivateBancorp, while not immediately accretive, will lead to faster growth in the long run.

June 29, 2016 at 5:07 PM UTC

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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Canadian Imperial Bank of Commerce has finally made its long-awaited U.S. acquisition.

Canada's fifth-largest bank agreed to buy Chicago-based PrivateBancorp for $3.8 billion, spending more than the previously guided C$2 billion ($1.54 billion) to C$4 billion price tag that CEO Victor Dodig had suggested he'd commit to a U.S. wealth-management and private-banking deal.