TORONTO, Jan. 14 /CNW/ - CIBC (CM: TSX;NYSE) said today it has completed
its previously announced agreement to sell to Oppenheimer Holdings Inc. (OPY:
NYSE) its U.S. domestic investment banking, equities, leveraged finance and
related debt capital markets businesses. The closing also includes CIBC's
Israeli investment banking and equities business.
The sale also includes certain parts of CIBC World Markets' U.S. capital
markets-related businesses located in the UK and Asia. These are expected to
occur at a later date, subject to regulatory approval.
CIBC is retaining its other U.S. wholesale businesses, which include real
estate finance, equity and commodity structured products, merchant banking and
oil and gas advisory, as well as the balance of its U.S. debt capital markets,
Asia and U.K businesses.
CIBC will also maintain its corporate lending capability and its ability
to distribute Canadian equities and fixed income products in the U.S. and
international markets on behalf of its Canadian clients.
As previously announced, the sale will not have a material impact on
CIBC's earnings per share or Tier 1 capital ratio.
This news release contains forward-looking statements. These
forward-looking statements include, but are not limited to, statements about
the proposed closing of the sale of certain other parts of CIBC World Markets'
U.S. capital markets-related businesses located in the UK and Asia, as well as
operations, financial condition, strategies and outlook of CIBC. A
forward-looking statement is subject to inherent risks and uncertainties that
may be general or specific. A variety of factors, many of which are beyond
CIBC's control could cause actual results to differ materially from the
expectations expressed in CIBC's forward-looking statements including the
possibility that the remaining elements of the proposed transaction do not
close when expected or at all and that CIBC and Oppenheimer Holdings may be
required to modify aspects of the remaining elements of the proposed
transaction to achieve regulatory approval. Readers should not place undue
reliance on CIBC's forward-looking statements. CIBC does not undertake to
update any forward-looking statement that is contained in this news release.
For further information:
For further information: Rob McLeod, CIBC, (416) 980-3714 for media
inquiries; John Ferren, CIBC, (416) 980-2088 for analyst/investor inquiries.