Canadian Imperial Bank of Commerce (CIBC) has closed the acquisition of Geneva Advisors, a Chicago-based private wealth management firm, in a deal worth up to $200m.
CIBC paid $135m on deal closing, with 25% paid in cash and 75% paid in shares.
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Geneva Advisors, which manages $8.6bn in assets and employs around 100 people, will now become a part of CIBC Atlantic Trust Private Wealth Management. The team will report to CIBC Atlantic Trust chairman and CEO Jack Markwalter Jr.
The acquisition, which was announced in July 2017, takes CIBC’s assets to nearly $50bn in the US.
CIBC group head of US region and The PrivateBank president and CEO said: “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.”
The Toronto-based lender expects the transaction to be accretive to its earnings per share in fiscal 2019.
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