CIBC closes sale of certain CIBC World Markets U.S. Domestic Banking businesses to Oppenheimer
TORONTO, Jan. 14 /CNW/ - CIBC (CM: TSX;NYSE) said today it has completed its previously announced agreement to sell to Oppenheimer Holdings Inc. (OPY: NYSE) its U.S. domestic investment banking, equities, leveraged finance and related debt capital markets businesses. The closing also includes CIBC's Israeli investment banking and equities business. The sale also includes certain parts of CIBC World Markets' U.S. capital markets-related businesses located in the UK and Asia. These are expected to occur at a later date, subject to regulatory approval. CIBC is retaining its other U.S. wholesale businesses, which include real estate finance, equity and commodity structured products, merchant banking and oil and gas advisory, as well as the balance of its U.S. debt capital markets, Asia and U.K businesses. CIBC will also maintain its corporate lending capability and its ability to distribute Canadian equities and fixed income products in the U.S. and international markets on behalf of its Canadian clients. As previously announced, the sale will not have a material impact on CIBC's earnings per share or Tier 1 capital ratio. This news release contains forward-looking statements. These forward-looking statements include, but are not limited to, statements about the proposed closing of the sale of certain other parts of CIBC World Markets' U.S. capital markets-related businesses located in the UK and Asia, as well as operations, financial condition, strategies and outlook of CIBC. A forward-looking statement is subject to inherent risks and uncertainties that may be general or specific. A variety of factors, many of which are beyond CIBC's control could cause actual results to differ materially from the expectations expressed in CIBC's forward-looking statements including the possibility that the remaining elements of the proposed transaction do not close when expected or at all and that CIBC and Oppenheimer Holdings may be required to modify aspects of the remaining elements of the proposed transaction to achieve regulatory approval. Readers should not place undue reliance on CIBC's forward-looking statements. CIBC does not undertake to update any forward-looking statement that is contained in this news release.
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For further information: Rob McLeod, CIBC, (416) 980-3714 for media inquiries; John Ferren, CIBC, (416) 980-2088 for analyst/investor inquiries.