Canadian Imperial Bank of Commerce (CIBC) is
to sell its standalone Hong Kong and Singapore-based private
wealth-management business, in order to focus more on its offshore
asset-management capabilities.
The sale to an undisclosed buyer, which is
subject to regulatory approval, is set to close by early 2013.
CIBC management said its private
wealth-management business in Hong Kong and Singapore “did not fit”
with the firm’s current priorities.
CIBC: Asia still presents long-term
opportunities
“Within wealth management, our near-term focus
is on expanding our global asset-management capabilities in
international equities and fixed income, and alternative asset
classes,” a CIBC spokesman said.
CIBC’s advisory and brokerage business in Asia
provides private-banking services to high-net-worth individuals in
the Asia-Pacific region, and had assets under management of
$1.94bn.
CIBC said Asia still presents long-term
opportunities to expand its asset-management franchise, despite the
sale.
