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The CIBC sign outside the bank’s head office in downtown Toronto. (Fred Lum/Fred Lum/The Globe and Mail)
The CIBC sign outside the bank’s head office in downtown Toronto. (Fred Lum/Fred Lum/The Globe and Mail)

CIBC chief pitches merits of richer bid for PrivateBanCorp Add to ...

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The head of Canadian Imperial Bank of Commerce made his case to shareholders Thursday for the proposed $4.9-billion (U.S.) purchase of Chicago-based PrivateBancorp Inc., a week after hiking the offer price by 20 per cent.

Chief executive officer Victor Dodig sought to reassure investors that he expects the transaction to close within months, allowing CIBC to start executing its long-awaited U.S. expansion plans. In prepared remarks at the bank’s annual meeting in Ottawa, he said that, even though CIBC has had to dig deeper into its coffers in the hope of sealing the deal, there is still room for PrivateBank, as it is known, to grow.

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