CIBC $3.8 billion acquisition of PrivateBancorp

Overview:

• CIBC has acquired PrivateBancorp for $3.8 billion.
• The deal forms part of CIBC's strategy to expand its business in North America.
• Royal Bank of Canada, Toronto Dominion Bank and Bank of Montreal acted as lenders on the financing of the transaction.
• The deal comes half an year after CIBC sold its 41% stake in Kansas City, Missouri-based money manager American Century Investments to Japan's Nomura Holdings.

Katrin Kostadinova - Data analyst