Extends CIBC’s North American wealth management business and platform

TORONTO and CHICAGO, Sept. 1, 2017 /PRNewswire/ – CIBC (TSX: CM) (NYSE: CM) announced today that it has completed the acquisition of Geneva Advisors, a Chicago-based private wealth management firm. The acquisition was announced on July 10.

“We are excited to have the Geneva Advisors team on board,” said Larry D. Richman, CIBC Group Head, U.S. Region, and President & CEO, The PrivateBank. “The combined strengths of our teams, shared client-first approach and high-touch service will further strengthen and position us to grow our private wealth management business in the U.S. and, in particular, our Chicago market. We welcome the Geneva team and clients to the CIBC family.”

Geneva Advisors, an independent private wealth management firm, brings US$8.6 billion in assets under management and approximately 100 employees to Atlanta-based CIBC Atlantic Trust Private Wealth Management. The Geneva team will report to Jack S. Markwalter Jr., Chairman and CEO of CIBC Atlantic Trust.

This acquisition, in addition to the June acquisition of The PrivateBank, expands CIBC’s private wealth management client-base and investment management capabilities in the U.S. CIBC now has approximately $50 billion in assets under administration in the U.S.

As previously announced, the total purchase price is up to US$200 million, of which $135 million was paid on closing, with 25% paid in cash and 75% paid in the form of CIBC common shares, contingent on future performance conditions. The deal is expected to become accretive to CIBC’s earnings per share in fiscal 2019.

About CIBC
CIBC is a leading Canadian-based global financial institution with 11 million personal banking, business, public sector and institutional clients. Across Personal and Small Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre.

Forward-looking Statements
Certain statements contained in this communication may be deemed to be forward-looking statements under certain securities laws. All such statements are made pursuant to the “safe harbor” provisions of, and are intended to be forward-looking statements under applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, any statements about the expected effects of the acquisition Geneva Advisors by CIBC including any expected impact on CIBC’s earnings, Common Equity Tier 1 ratio or other statements other than in relation to historical facts, statements about the operations, business lines, financial condition, risk management, priorities, targets, ongoing objectives, strategies of Geneva Advisors and CIBC and the regulatory environment in which they operate and outlook for calendar year 2017 and subsequent periods. 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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. Additional information about these factors can be found in the “Management of risk” section starting on page 40 of our 2016 Annual Report. Any forward-looking statements contained in this communication represent the views of management only as of the date hereof and are presented for the purpose of assisting our stockholders and financial analysts in understanding our financial position, objectives and priorities and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. We do not undertake to update any forward-looking statement that is contained in this communication or in other communications except as required by law.

SOURCE CIBC – Investor Relations