TORONTO, Aug. 7, 2012 /CNW/ – CIBC (TSX: CM) (NYSE: CM) announced today its wealth division will
acquire MFS McLean Budden’s Private Wealth business.

“This opportunity aligns with CIBC Wealth Management’s strategic
priority to strengthen relationships with high-net-worth clients and
enhance distribution capabilities while delivering attractive returns,”
said Victor Dodig, Senior Executive Vice-President, CIBC, and Group
Head, Wealth Management.

MFS McLean Budden’s Private Wealth business manages approximately $1.4
billion in assets for high-net-worth individuals and families,
endowments and foundations. This transaction further solidifies CIBC’s
position as one of Canada’s fastest-growing investment managers.

“CIBC’s private wealth offer provides clients a high level of personal
service, combined with leading investment solutions and a track record
of strong performance,” said Gary Whitfield, Managing Director and
Head, Private Wealth Management Canada. “This transaction illustrates
our commitment to serving the unique needs of high-net-worth clients.”

Terms of the transaction were not disclosed. The transaction which is
subject to regulatory approval is expected to close in Q4 2012.

About CIBC
CIBC is a leading Canadian-based global financial institution. Through
our Retail and Business Banking, Wealth Management and Wholesale
Banking businesses, CIBC provides a full range of financial products
and services to almost 11 million individual, small business,
commercial, corporate and institutional clients in Canada and around
the world. CIBC Wealth Management provides a comprehensive suite of
wealth-building services through an extensive distribution network that
includes CIBC Private Wealth Management, CIBC Wood Gundy and CIBC
Investor’s Edge, to a broad range of self-directed investors, high net
worth individuals, and institutional clients. In addition, CIBC Private
Wealth Management meets the unique needs of high net worth clients
through a full range of integrated advisory capabilities and solutions,
including exclusive private banking services, customized financial
planning and investment advice, trust and estate solutions.

A NOTE ABOUT FORWARD-LOOKING STATEMENTS: From time to time, we make written or oral forward-looking statements
within the meaning of certain securities laws, including in this press
release, in other filings with Canadian securities regulators or the
U.S. Securities and Exchange Commission and in other communications.
These statements include, but are not limited to, statements about our
acquisition of the McLean Budden Private Wealth business and its impact
on CIBC’s earnings, Wealth Management business and other operations and
business lines; CIBC’s financial condition, risk management,
priorities, targets, ongoing objectives, strategies and outlook.
Forward-looking statements are typically identified by the words
“believe”, “expect”, “anticipate”, “intend”, “estimate” and other
similar expressions or future or conditional verbs such as “will”,
“should”, “would” and “could”. By their nature, these statements
require us to make assumptions and are subject to inherent risks and
uncertainties that may be general or specific. A variety of factors,
many of which are beyond our control, could cause actual results to
differ materially from the expectations expressed in any of our
forward-looking statements, including statements about CIBC’s
acquisition of the McLean Budden Private Wealth business and its impact
on CIBC’s earnings and businesses. These factors include but are not
limited to the possibility that the acquisition transaction does not
close when expected or at all because required regulatory or other
approvals are not received or other conditions to the closing are not
satisfied on a timely basis or at all or that the anticipated benefits
of the transaction are not realized as a result of such things as the
strength of the economy and competitive factors in areas where we do
business; credit, market, liquidity, strategic, operational, reputation
and legal, regulatory and environmental risk; legislative or regulatory
developments in the jurisdictions where we operate; the resolution of
legal proceedings and related matters; and our ability to anticipate
and manage the risks associated with these factors. Additional
information about these and other factors can be found in our 2012
Second Quarter Report to Shareholders and 2011 Annual Report. This
list is not exhaustive of the factors that may affect any of our
forward-looking statements. These and other factors should be
considered carefully and readers should not place undue reliance on our
forward-looking statements. We do not undertake to update any
forward-looking statement except as required by law.

SOURCE CIBC