Toronto-based Canadian Imperial Bank of Commerce (CIBC) has completed the acquisition of Geneva Advisors, a Chicago-based private wealth-management firm, the bank announced Friday. The acquisition had been previously announced on July 10.
The acquisition of Geneva brings US$8.6 billion in assets under management and around 100 employees to Atlanta-based CIBC Atlantic Trust Private Wealth Management. The team will be managed by Jack S. Markwalter Jr., chairman and CEO of CIBC Atlantic Trust.
“The combined strengths of our teams, shared client-first approach and high-touch service will further strengthen and position us to grow our private wealth-management business in the U.S. and, in particular, our Chicago market,” said Larry D. Richman, CIBC group head, U.S. region, and president and CEO of Chicago-based The PrivateBank.
The Geneva acquisition builds on CIBC’s recent acquisition of Chicago-based PrivateBancorp Inc. in June. As a result, CIBC now has approximately US$50 billion in assets under administration in the U.S.
Read: CIBC looks to PrivateBancorp for U.S. growth
The total purchase of Geneva is US$200 million, with US$135 million paid on closing. The firm predicts the deal will become accretive to CIBC’s earnings per share in fiscal 2019.
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