Press release from CNW Group
CIBC to Acquire the Private Wealth Business of MFS McLean Budden
Tuesday, August 07, 2012
TORONTO, Aug. 7, 2012 /CNW/ - CIBC (TSX: CM) (NYSE: CM) announced today its wealth division will acquire MFS McLean Budden's Private Wealth business.
"This opportunity aligns with CIBC Wealth Management's strategic priority to strengthen relationships with high-net-worth clients and enhance distribution capabilities while delivering attractive returns," said Victor Dodig, Senior Executive Vice-President, CIBC, and Group Head, Wealth Management.
MFS McLean Budden's Private Wealth business manages approximately $1.4 billion in assets for high-net-worth individuals and families, endowments and foundations. This transaction further solidifies CIBC's position as one of Canada's fastest-growing investment managers.
"CIBC's private wealth offer provides clients a high level of personal service, combined with leading investment solutions and a track record of strong performance," said Gary Whitfield, Managing Director and Head, Private Wealth Management Canada. "This transaction illustrates our commitment to serving the unique needs of high-net-worth clients."
Terms of the transaction were not disclosed. The transaction which is subject to regulatory approval is expected to close in Q4 2012.
CIBC is a leading Canadian-based global financial institution. Through our Retail and Business Banking, Wealth Management and Wholesale Banking businesses, CIBC provides a full range of financial products and services to almost 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world. CIBC Wealth Management provides a comprehensive suite of wealth-building services through an extensive distribution network that includes CIBC Private Wealth Management, CIBC Wood Gundy and CIBC Investor's Edge, to a broad range of self-directed investors, high net worth individuals, and institutional clients. In addition, CIBC Private Wealth Management meets the unique needs of high net worth clients through a full range of integrated advisory capabilities and solutions, including exclusive private banking services, customized financial planning and investment advice, trust and estate solutions.
A NOTE ABOUT FORWARD-LOOKING STATEMENTS: From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including in this press release, in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission and in other communications. These statements include, but are not limited to, statements about our acquisition of the McLean Budden Private Wealth business and its impact on CIBC's earnings, Wealth Management business and other operations and business lines; CIBC's financial condition, risk management, priorities, targets, ongoing objectives, strategies and outlook. Forward-looking statements are typically identified by the words "believe", "expect", "anticipate", "intend", "estimate" 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 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, could cause actual results to differ materially from the expectations expressed in any of our forward-looking statements, including statements about CIBC's acquisition of the McLean Budden Private Wealth business and its impact on CIBC's earnings and businesses. These factors include but are not limited to the possibility that the acquisition transaction does not close when expected or at all because required regulatory or other approvals are not received or other conditions to the closing are not satisfied on a timely basis or at all or that the anticipated benefits of the transaction are not realized as a result of such things as the strength of the economy and competitive factors in areas where we do business; credit, market, liquidity, strategic, operational, reputation and legal, regulatory and environmental risk; legislative or regulatory developments in the jurisdictions where we operate; the resolution of legal proceedings and related matters; and our ability to anticipate and manage the risks associated with these factors. Additional information about these and other factors can be found in our 2012 Second Quarter Report to Shareholders and 2011 Annual Report. 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. We do not undertake to update any forward-looking statement except as required by law.
For further information:
Kevin Dove, Head of External Communications & Media Relations, 416-980-8835 or email@example.com