CIBC buys minority share of US firm

The Canadian Imperial Bank of Commerce, better known as CIBC, says it is buying an $848-million minority stake in a US asset-management firm, PostMedia news reported. The Toronto-based bank said the deal will give it a 41 per cent equity stake and 10.1 per cent of the voting shares in American Century Investments, which is based in Missouri. The deal is subject to regulatory approval.

Published: Wednesday, 07/20/2011 12:00 am EDT

The Canadian Imperial Bank of Commerce, better known as CIBC, says it is buying an $848-million minority stake in a US asset-management firm, PostMedia news reported. The Toronto-based bank said the deal will give it a 41 per cent equity stake and 10.1 per cent of the voting shares in American Century Investments, which is based in Missouri. The deal is subject to regulatory approval.

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