CIBC today announced that it intends to seek regulatory and stock exchange approval to commence a normal course issuer bid on or about December 24. The bank’s current normal course issuer bid expires on December 23.

Under the new bid, CIBC intends to repurchase up to 17 million shares over the next year, representing just under 5% of CIBC’s issued and outstanding common shares as of October 31.

Between Dec. 24, 2003 and Nov. 3, 2004, the bank purchased 18.4 million of its common shares pursuant to its current normal course issuer bid.

CIBC says it will file a notice of intention to make a normal course issuer bid with the Toronto Stock Exchange to repurchase the common shares.

“Continuing with our share repurchase program demonstrates confidence in the growth strategies of our core businesses and the strength of our balance sheet,” said John Hunkin, CIBC president and CEO, in a release.