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Canada's Fifth-Largest Lender To Buy Chicago Wealth Manager
The transaction is expected to close in the fourth quarter of this year and is subject to regulatory approvals.
Canadian Imperial Bank of Commerce, or CIBC, has agreed to
acquire Chicago's Geneva Advisors,
a private wealth firm, for up to $200 million.
Last month, CIBC completed its $5 billion acquisition of
Chicago-based PrivateBancorp, its largest ever, as it
branched into new territory.
Geneva Advisors, which focuses on serving high net worth clients,
has $8.4 billion in assets under management and around 100
staff.
CIBC will initially pay $135 million and a further $65 million if
performance conditions are met. Some 25 per cent will be paid in
cash and the rest in CIBC common shares.
Once the deal is finalized, Geneva Advisors will meld into CIBC
Atlantic Trust Private Wealth Management.
"This investment will add scale in key markets where we can offer
clients differentiated, high-touch service,” said Larry Richman,
CIBC's group head, US region.
