CIBC signs deal to buy Milwaukee based boutique investment bank Cleary Gull [UPDATED]
CIBC says the acquisition supports its continued growth in the United States
TORONTO – The Canadian Imperial Bank of Commerce has signed a deal to acquire U.S. investment bank Cleary Gull as it continues its push south of the border.
Financial terms of the deal to acquire the Milwaukee-based boutique firm announced Tuesday were not disclosed.
The Toronto-based bank said buying Cleary Gull, which specializes in middle market mergers and acquisitions, private capital placement and debt advisory services, supports CIBC’s continued growth in the U.S.
“Our bank has an established presence in providing investment banking advisory services to large corporate clients in the U.S., and our acquisition of Cleary Gull will further our capabilities for middle market clients,” said CIBC’s managing director and head of global investment banking Roman Dubczak in a statement.
The transaction is expected to close in the fourth quarter, pending regulatory approval.
The Canadian bank has been ramping up its U.S. presence since it acquired The PrivateBank in 2017.
Also in 2017, CIBC acquired Chicago-based private wealth management firm Geneva Advisors.
CIBC has been looking to grow the proportion of its earnings that it derives from south of the border in recent years, and has set a target of 17 per cent by 2020.
Cleary Gull’s president and managing director Ronald D. Miller said the U.S. bank is “excited about the opportunities for our clients and our team as part of CIBC’s growing business in the U.S.”
