Extends CIBC's North American wealth management business and platform
TORONTO and CHICAGO, Sept. 1, 2017 /CNW/ - CIBC (TSX: CM) (NYSE: CM) announced today that it has completed the acquisition of Geneva Advisors, a Chicago-based private wealth management firm. The acquisition was announced on July 10.
"We are excited to have the Geneva Advisors team on board," said Larry D. Richman, CIBC Group Head, U.S. Region, and President & CEO, The PrivateBank. "The combined strengths of our teams, shared client-first approach and high-touch service will further strengthen and position us to grow our private wealth management business in the U.S. and, in particular, our Chicago market. We welcome the Geneva team and clients to the CIBC family."
Geneva Advisors, an independent private wealth management firm, brings US$8.6 billion in assets under management and approximately 100 employees to Atlanta-based CIBC Atlantic Trust Private Wealth Management. The Geneva team will report to Jack S. Markwalter Jr., Chairman and CEO of CIBC Atlantic Trust.
This acquisition, in addition to the June acquisition of The PrivateBank, expands CIBC's private wealth management client-base and investment management capabilities in the U.S. CIBC now has approximately $50 billion in assets under administration in the U.S.
As previously announced, the total purchase price is up to US$200 million, of which $135 million was paid on closing, with 25% paid in cash and 75% paid in the form of CIBC common shares, contingent on future performance conditions. The deal is expected to become accretive to CIBC's earnings per share in fiscal 2019.
CIBC is a leading Canadian-based global financial institution with 11 million personal banking, business, public sector and institutional clients. Across Personal and Small Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, 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.
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SOURCE CIBC - Investor Relations