Canada's CIBC completes $5 billion PrivateBancorp acquisition

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[June 23, 2017]  TORONTO (Reuters) - Canadian Imperial Bank of Commerce said on Friday that it had completed the $5 billion acquisition of Chicago-based PrivateBancorp in a deal which will help it diversify from its domestic market.

A Canadian Imperial Bank of Commerce (CIBC) sign is seen outside of a branch in Ottawa, Ontario, Canada on May 26, 2016. REUTERS/Chris Wattie/File Photo

CIBC is paying $2.4 billion in cash and the remainder in shares. It expects the acquisition will add to its earnings within three years.

(Reporting by Matt Scuffham)

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