TORONTO, May 19, 2016 /CNW/ - CIBC (TSX: CM) (NYSE:
CM) announced today that it has completed the sale of its
minority position in American Century Investments (ACI) to Nomura,
for approximately US$1 billion.
CIBC acquired a 41 per cent equity interest in ACI in
August 2011 for US$848 million and entered into a definitive
agreement to sell it on December 21,
2015.
"Our investment in ACI has proven to be good for our
shareholders," said Victor Dodig,
CIBC president and chief executive officer. "The return from this
transaction further strengthens our strong capital position and we
are moving forward with a clear set of strategic priorities to
drive our long-term growth."
ACI will continue to provide sub-advisory services to several
funds and investment portfolios managed by CIBC Asset
Management.
About CIBC
CIBC is a leading Canadian-based global
financial institution with 11 million personal banking and business
clients. Through our three major business units – Retail and
Business Banking, Wealth Management and Capital Markets – CIBC
offers a full range of products and services through its
comprehensive electronic banking network, branches and offices
across Canada with offices 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/ or by following on Twitter
@CIBC, Facebook (www.facebook.com/CIBC) and Instagram @CIBCNow.
SOURCE CIBC - Corporate