Canadian Imperial Bank of Commerce (CIBC) would consider spending as much as C$2 billion (US$1.8 billion) on wealth-management takeovers, the bank’s incoming chief executive Victor Dodig said at an investor conference in Toronto.
"I would say that the right size for us at this point in time would be up to C$2 billion," Bloomberg quoted Dodig, who will replace Gerald McCaughey on 15 September 2014.
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"We’ve been quite clear in that we’re most interested in the wealth-management space."
Last year, CIBC said it seeks to boost earnings contribution from its wealth-management unit to 15% from 11%.
Dodig, who currently heads wealth management, said he will be focusing on asset managers and private-wealth companies in the US, where CIBC has made previous acquisitions.
"It’s a market that we understand. What’s going to deliver consistent and sustainable earnings to our shareholder base? Those would be the asset-management and private-wealth sectors," the publication further quoted Dodig as saying.
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