TORONTO, May 12, 2017 /CNW/ - CIBC (TSX:CM)
(NYSE:CM) today commented on the decision of shareholders of
PrivateBancorp, Inc. (NASDAQ: PVTB) to approve the proposed merger
agreement with CIBC at a Special Meeting in Chicago today.
"The vote by the PrivateBancorp shareholders marks an important
milestone in the process and we are very pleased with the outcome,"
says Victor Dodig, President and
CEO, CIBC. "We are focused on obtaining the remaining
regulatory approvals and finalizing our integration plans as we
work toward closing the deal in June. We look forward to continuing
to work closely with the PrivateBancorp team to successfully
complete the transaction and realize the full benefits for our
shareholders, employees, clients and communities."
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.
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, statements about the operations,
business lines, financial condition, risk management, priorities,
targets, ongoing objectives, strategies of PrivateBancorp and CIBC
and the regulatory environment in which they operate and outlook
for calendar year 2017 and subsequent periods. Forward-looking
statements are typically identified by the words "believe",
"expect", "anticipate", "intend", "estimate", "forecast", "target",
"objective" and other similar expressions or future or conditional
verbs such as "will", "should", "would" and "could". By their
nature, these statements require us to make assumptions, including
the economic assumptions set out in the reports of PrivateBancorp
and CIBC filed with the SEC, and are subject to inherent risks and
uncertainties that may be general or specific. A variety of
factors, many of which are beyond our control, affect our
operations, performance and results, and could cause actual results
to differ materially from the expectations expressed in any of our
forward-looking statements. These factors include: credit,
market, liquidity, strategic, insurance, operational, reputation
and legal, regulatory and environmental risk; the effectiveness and
adequacy of our risk management and valuation models and processes;
legislative or regulatory developments in the jurisdictions where
we operate, including the Dodd-Frank Wall Street Reform and
Consumer Protection Act and the regulations issued and to be issued
thereunder, the Organisation for Economic Co-operation and
Development Common Reporting Standard, and regulatory reforms in
the United Kingdom and
Europe, the Basel Committee on
Banking Supervision's global standards for capital and liquidity
reform and those relating to the payments system in Canada; amendments to, and interpretations of,
risk-based capital guidelines and reporting instructions, and
interest rate and liquidity regulatory guidance; the resolution of
legal and regulatory proceedings and related matters; the effect of
changes to accounting standards, rules and interpretations; changes
in our estimates of reserves and allowances; changes in tax laws;
changes to our credit ratings; political conditions and
developments, including changes relating to economic or trade
matters; the possible effect on our business of international
conflicts and the war on terror; natural disasters, public health
emergencies, disruptions to public infrastructure and other
catastrophic events; reliance on third parties to provide
components of our business infrastructure; potential disruptions to
our information technology systems and services; increasing cyber
security risks which may include theft of assets, unauthorized
access to sensitive information, or operational disruption; social
media risk; losses incurred as a result of internal or external
fraud; anti-money laundering; the accuracy and completeness of
information provided to us concerning clients and counterparties;
the failure of third parties to comply with their obligations to us
and our affiliates or associates; intensifying competition from
established competitors and new entrants in the financial services
industry including through internet and mobile banking;
technological change; global capital market activity; changes in
monetary and economic policy; currency value and interest rate
fluctuations, including as a result of market and oil price
volatility; general business and economic conditions worldwide, as
well as in Canada, the U.S. and
other countries where we and CIBC have operations, including
increasing Canadian household debt levels and global credit risks;
our success in developing and introducing new products and
services, expanding existing distribution channels, developing new
distribution channels and realizing increased revenue from these
channels; changes in client spending and saving habits; our ability
to attract and retain key employees and executives; our ability to
successfully execute our strategies and complete and integrate
acquisitions and joint ventures; the risk that expected synergies
and benefits of the merger between PrivateBancorp and CIBC will not
be realized within the expected time frame or at all; and our
ability to anticipate and manage the risks associated with these
factors. 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 reports filed
by PrivateBancorp and CIBC with the SEC. 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