CIBC has finalized the acquisition of Merrill Lynch Canada Inc.’s Canadian private client and securities services businesses.

The transaction will close on December 28, when the businesses will be transferred from Merrill Lynch to CIBC. The combined entity will operate under the CIBC Wood Gundy name and will have a team of more than 1,600 financial consultants, managing over $85 billion in assets for clients across Canada.

“We have created a home for Canadian investors that is second to none,” says Tom Monahan, head of CIBC Wood Gundy. “A familiar name, CIBC Wood Gundy combines the strengths of two of the country’s exceptional retail brokerage businesses into one significant private client brokerage business.”

The deal was announced in November. The acquisition of Merrill Lynch’s asset management business is expected to occur by January 31, 2002, following receipt of regulatory approvals and expiry of the required period for notice to unit holders.

“Our customers remain our top priority,” says Monahan. “Both organizations have established strong trusted relationships with clients and we will continue to build on that trust — we are committed to providing Canadians with world-class research, investment products and unmatched advisory capabilities.”