TORONTO, Oct. 3 /CNW/ - CIBC announced today that it expects to report a
gain in its fourth quarter results following Visa's announcement of the
completion of its worldwide restructuring.
As part of this restructuring, CIBC will receive shares of Visa Inc. in
exchange for the membership interest it held in the previous structure.
Accounting standards require the recognition of a gain at the
restructuring date. Given CIBC's leadership position in the Canadian credit
card market, CIBC expects that it will book a material gain in the current
quarter, although the exact amount of CIBC's gain will be finalized following
an independent valuation of the bank's shares of Visa Inc. which is expected
to be completed before the release of CIBC's fourth quarter and fiscal 2007
results on December 6, 2007.
CIBC expects this restructuring will not have a material impact on
revenue and expenses for its cards business on an ongoing basis.
For further information:
For further information: Rob McLeod, (416) 980-3714; John Ferren, (416)