Canadian Imperial Bank of Commerce (CIBC) is in talks with several US firms on potential C$2bn ($1.63bn) wealth-management and private-banking acquisition in US, the bank’s CEO Victor Dodig said.
"We look at acquisitions we know we’d like to do in the U.S., but we won’t be drawn into high prices or companies that we don’t feel fit our culture," Dodig, said in an interview ahead of the bank’s annual meeting in Calgary.
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"Valuations have gotten stretched in the U.S. market," Dodig said. "We don’t want to overpay on that front."
"I have several different conversations that are ongoing, where I get to understand the company. Some of them may well lead to a partnership," remarked Dodig, who led CIBC’s wealth-management arm before taking over as CEO in 2014.
Apart from CIBC, another Canadian lender Royal Bank of Canada too said it would buy City National for $5.4bn.
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