TORONTO, May 19, 2016 /CNW/ - CIBC (TSX: CM) (NYSE: CM) announced today that it has completed the sale of its minority position in American Century Investments (ACI) to Nomura, for approximately US$1 billion.
CIBC acquired a 41 per cent equity interest in ACI in August 2011 for US$848 million and entered into a definitive agreement to sell it on December 21, 2015.
"Our investment in ACI has proven to be good for our shareholders," said Victor Dodig, CIBC president and chief executive officer. "The return from this transaction further strengthens our strong capital position and we are moving forward with a clear set of strategic priorities to drive our long-term growth."
ACI will continue to provide sub-advisory services to several funds and investment portfolios managed by CIBC Asset Management.
CIBC is a leading Canadian-based global financial institution with 11 million personal banking and business clients. Through our three major business units – Retail and Business Banking, Wealth Management and Capital Markets – CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada with offices in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre/ or by following on Twitter @CIBC, Facebook (www.facebook.com/CIBC) and Instagram @CIBCNow.
SOURCE CIBC - Corporate