Canadian Imperial Bank of Commerce (CIBC), a Canadian chartered bank, aims to enhance its earnings from wealth management business by acquiring firms across foreign markets, including the UK and Europe.
The financial services company is keen to raise the earnings from the business to 15% from 11% in 2013.
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Canadian Imperial Bank of Commerce CEO Gerald McCaughey was quoted by Bloomberg as saying that the company wouldn’t preclude opportunities in the UK, citing agreements struck by its counterparts Royal Bank of Canada and Bank of Montreal.
In addition, the lender is also keen to expand its business across the US and Canada, the news agency reported.
McCaughey added that investing capital into its existing businesses is of higher priority, after which it would consider acquisitions in Canada and the US.
Earlier in September 2013, McCaughey had claimed that the bank was raising its target for acquisitions to over C$1bn ($907mn).
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By GlobalDataIn January 2014, Canadian Imperial bought Atlantic Trust Private Wealth Management from Invesco in a deal worth $210m.
McCaughey also announced his retirement by April 2016.
