CHICAGO and MILWAUKEE, WI, July 9, 2019 /CNW/ - CIBC (TSX: CM) (NYSE: CM) announced today that it has reached an agreement to acquire Cleary Gull, a Milwaukee-based boutique investment banking firm specializing in middle market mergers and acquisitions, private capital placement and debt advisory across the United States.
This acquisition supports continued growth for CIBC in the US. Cleary Gull's expertise in meeting the needs of successful, privately owned firms furthers CIBC's capabilities to deepen relationships with clients.
"Our bank has an established presence in providing investment banking advisory services to large corporate clients in the US, and our acquisition of Cleary Gull will further our capabilities for middle market clients," said Roman Dubczak, Managing Director and Head, Global Investment Banking, CIBC. "Over its more than 30-year history, Cleary Gull has built a strong team and brings industry expertise to a variety of sectors."
Since the acquisition of The PrivateBank in 2017, CIBC has expanded their capabilities through a highly integrated approach across Commercial Banking, Wealth Management and Capital Markets.
"Acquiring Cleary Gull supports our focus on client relationships, connectivity across our teams, and our strategy to build a relationship-oriented bank," said Michael Capatides, Senior Executive Vice-President and Group Head, US Region, and President & CEO, CIBC Bank USA. "This acquisition is a further investment in our North American platform that will deliver enhanced Capital Markets capabilities for our clients, and support our diversification and growth objectives."
"Cleary Gull and CIBC share a commitment to supporting the growth of middle market, privately owned businesses in the US," said Ronald D. Miller, President and Managing Director, Cleary Gull. "With our focus on family and entrepreneur-owned business, as well as private equity firms, we are excited about the opportunities for our clients and our team as part of CIBC's growing business in the US."
The transaction is expected to close in the fourth quarter, pending regulatory approval. Terms were not disclosed.
About CIBC
CIBC (NYSE: CM) (TSX: CM) is a leading North American financial institution with 10 million personal banking, business, public sector and institutional clients. CIBC offers a full range of advice, solutions and services in the United States, across Canada and around the world. In the US, CIBC Bank USA provides commercial banking, private and personal banking and small business banking solutions and CIBC Private Wealth offers investment management, wealth strategies and legacy planning. Visit us at cibc.com/US.
SOURCE CIBC
Amy Yuhn, CIBC US: 312-564-1378, [email protected]; Jessica Steinberg, Capital Markets Communications: 416-542-9209, [email protected]; Alice Dunning, Investor Relations: 416-861-8870 or [email protected]
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