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CIBC actively looking at acquisition opportunities south of the border: CEO

VANCOUVER – CIBC’s chief executive says the bank has been actively looking at acquisition opportunities that would allow it to expand into the United States.

“Growing into the U.S. market with a banking platform is strategically important to us,” Victor Dodig told shareholders during CIBC’s annual meeting in Vancouver on Tuesday.

Dodig says establishing a banking platform south of the border remains a focus because many of its business and corporate banking clients are expanding into the U.S. market.

“We want to be able to bank them, both from a lending and deposit standpoint,” Dodig said.

He added that CIBC has been evaluating acquisition opportunities but will be patient and wait until it finds one that is a good cultural and strategic fit.

“In the meantime, we will continue to focus on the growth opportunities that are available by investing in our core businesses and simplifying our bank until the right opportunity becomes available,” Dodig said.

The bank announced late last year that it was selling its minority stake in American Century Investments for around US$1 billion.

Dodig says the pending close of the sale will give CIBC greater financial flexibility to pursue potential acquisitions.

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