TORONTO and HOUSTON, Aug. 30, 2012 /PRNewswire/ – CIBC (TSX: CM) (NYSE: CM)
announced today that it has reached an agreement to acquire Griffis &
Small, LLC, a Houston-based energy advisory firm specializing in
acquisitions and divestitures (A&D) in the exploration and production
(E&P) sector. Terms were not disclosed.

The transaction, expected to close in the fourth quarter, supports
CIBC’s strategy of targeted growth in businesses and geographies where
it has strong existing client relationships and capabilities. The
acquisition will also create opportunities to serve new and existing
Wholesale Banking clients in the U.S., and complements our
energy-focused teams in Calgary, the U.K. and Asia. At the same time,
it will provide Griffis & Small’s clients with access to the same
outstanding team they work with today, backed by a broader range of
investment banking, corporate lending and capital markets services from
CIBC.

“This acquisition will strategically expand our advisory capabilities
and U.S. footprint,” said Geoff Belsher, Managing Director and Group
Co-Head of Wholesale Banking at CIBC. “It also complements our oil and
gas activities globally including in Calgary where we provide
full-service advisory and financing solutions to energy companies. The
acquisition is well-aligned to our overall corporate strategy and will
enable us to add further value to our clients in a region and industry
that we know well.”

The business will operate under the name CIBC Griffis & Small and will
be led by the founding partners of Griffis & Small, LLC, Richard
Griffis and Joe Small, who have joined CIBC as part of the transaction.

“CIBC’s financial strength, combined with its M&A and capital markets
advisory, corporate lending and capabilities in foreign exchange, fixed
income, commodities, equities and research presents tremendous value to
our clients,” said Mr. Griffis. “We are excited about joining the
exceptional team at CIBC and further building our client
relationships.”

Griffis & Small has advised sellers and purchasers on over US$15 billion
in transactions since its founding in 2002. The firm’s team, including
engineers and geologists, provide comprehensive technical advice and
represent E&P companies and private equity firms in the sale of
undeveloped and producing assets in the U.S.

CIBC’s wholesale banking business provides a range of integrated credit
and capital markets products, investment banking, and merchant banking
to clients in key financial markets in North America and around the
world. We provide innovative capital solutions and advisory expertise
across a wide range of industries as well as top-ranked research for
our corporate, government and institutional clients.

SOURCE CIBC