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.
Go deeper with GlobalData
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataCIBC’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.
