CIBC has finalized its purchase of Merrill Lynch’s private client business.

CIBC formally closed its deal for Merrill’s private client and securities services businesses in Canada on Dec. 28, 2001.

The combined entity, which will operate under the CIBC Wood Gundy name, opened for business December 31.

The final price for the deal will not be known for a couple of months, based on how many Merrill brokers stick with CIBC.

The asset management portion of the deal is expected to close at the end of January, pending regulatory approval.