Canadian Imperial Bank of Commerce (CIBC) is keen to buy wealth management firms overseas while focusing on Canada and the US, the bank’s CEO Gerald McCaughey said.
Canadian Imperial doesn’t rule out opportunities in the UK and Europe, Bloomberg quoted McCaughey as saying.
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"I wouldn’t preclude those," McCaughey said after the company’s annual investor meeting in Montreal.
McCaughey, who is planning to retire by April 2016, said that the bank’s first priority is to invest the capital into its existing businesses, then consider takeover in Canada and the US.
In September 2013, McCaughey said that the bank was increasing its war chest for acquisitions to over C$1bn ($907m) to help reach that goal.
In January this year, Canadian Imperial acquired Atlantic Trust Private Wealth Management from Invesco in a transaction estimated at $210 million.
