TORONTO, Aug. 29 ,
2024 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today
announced its intention to purchase for cancellation up to 20
million common shares under a normal course issuer bid, subject to
the approval of the Toronto Stock Exchange (TSX). Common shares
that may be purchased for cancellation represent approximately 2.1%
of outstanding common shares as at July 31,
2024.
CIBC will file a notice of intention to make a normal course
issuer bid with the TSX and this bid would commence following TSX's
acceptance of this notice and continue for up to one year.
The normal course issuer bid will provide CIBC additional
flexibility in managing its capital position and generate
shareholder value.
Purchases would be made through the facilities of the TSX,
alternative Canadian trading systems or the NYSE, in accordance
with applicable regulatory requirements. CIBC may periodically
establish an automatic program under which its broker, CIBC Capital
Markets, would repurchase CIBC shares pursuant to the bid within a
defined set of criteria determined by CIBC. The price paid for the
common shares will be the market price at the time of the
purchase.
CIBC's previous normal course issuer bid for the purchase
of up to 20 million common shares commenced on December 9, 2021 and expired on December 12, 2022. Over the term of the previous
bid, CIBC purchased 1.8 million of its common shares for
cancellation at an average price of $74.43 per share for a total amount of
$134 million.
A NOTE ABOUT FORWARD-LOOKING STATEMENTS: From time to time, we
make written or oral forward-looking statements within the meaning
of certain securities laws, including in this press release report,
in other filings with Canadian securities regulators or the U.S.
Securities and Exchange Commission and in other communications.
These statements include, but are not limited to, statements about
our potential normal course issuer bid purchases and about our
financial condition, priorities, targets, ongoing objectives,
strategies and outlook. Forward-looking statements are subject to
inherent risks and uncertainties that may be general or specific. A
variety of factors, many of which are beyond our control, could
cause actual results to differ materially from the expectations
expressed in any of our forward-looking statements, including
general business and economic conditions worldwide; amendments to,
and interpretations of, risk-based capital guidelines; and changes
in monetary and economic policy. We do not undertake to
update any forward-looking statement except as required by law.
About CIBC
CIBC is a leading North American financial institution with 14
million personal banking, business, public sector and institutional
clients. Across Personal and Business Banking, Commercial Banking
and Wealth Management, and Capital Markets and Direct Financial
Services businesses, CIBC offers a full range of advice, solutions
and services through its leading digital banking network, and
locations across Canada, in the United States and
around the world. Ongoing news releases and more information about
CIBC can be found at www.cibc.com/ca/media-centre.
SOURCE CIBC - Investor Relations
