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A CIBC bank branch is shown in Old Montreal, Thursday, Feb. 26, 2009.
A CIBC bank branch is shown in Old Montreal, Thursday, Feb. 26, 2009.
(Ryan Remiorz/CP)

CIBC on backburner in bidding war for Russell Investments

Canadian Imperial Bank of Commerce’s chances of scooping up a sizeable U.S. asset manager are slipping away.

CIBC is in the running to acquire Seattle-based Russell Investments, which was put on the auction block earlier this year. The sale process is coming to a close, however, and the Canadian bank is no longer among the top candidates, according to someone familiar with the process.