(December 7 – 12:30 ET) – CIBC intends to commence another share repurchase program after its current program ends on Dec. 14. Subject to regulatory approval, CIBC intends to repurchase for cancellation up to 18.8 million shares, representing almost 5% of CIBC’s outstanding shares.

On Nov. 30, 377,223,995 CIBC common shares were outstanding. CIBC will file a notice of intention to make a normal course issuer bid with The Toronto Stock Exchange to repurchase the shares. The purchases would commence following regulatory approval, which is expected this month, would continue for a period of one year and would be effected through the facilities of The Toronto Stock Exchange.

The price paid for the shares will be the market price at the time of acquisition. The number of common shares repurchased and the timing of any such purchases will be determined by CIBC.

“Our strong capital position and our increasing focus on actively managing our balance sheet enable us to continue to repurchase our shares,” said John Hunkin, CIBC chairman and chief executive officer. “Although our stock has performed well over the past year, we continue to believe that CIBC’s shares represent excellent value.”
-IE Staff