CIBC to Purchase Additional Shares of FirstCaribbean

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    TORONTO, Feb. 2 /CNW/ - CIBC (CM: TSX; NYSE) said today it will purchase
129,804,474 common shares of FirstCaribbean International Bank under its
previously announced offer to all shareholders that closed on
Tuesday, January 30, 2007.
    CIBC has indicated to FirstCaribbean International Trust and Merchant
Bank (Barbados) Limited, the Dealer Manager for the offer, that it has taken
up and intends to pay for all the tendered shares in accordance with the
Circular distributed in connection with the offer. The purchase price per
tendered share is US$1.6335.
    CIBC will own 91.49% of the shares of FirstCaribbean International Bank
following this transaction.
    CIBC has restated its commitment to maintaining a strong minority in
FirstCaribbean International Bank Limited.

For further information:

For further information: John Ferren, Vice President, Investor
Relations, (416) 980-2088; or Rob McLeod, Director, Communications and Public
Affairs, (416) 980-3714

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