CIBC said today that it expects to report a pre-tax gain of $456 million in its results for the fourth quarter from the previously announced completion of Visa’s worldwide restructuring.

As part of this restructuring, CIBC has received shares of Visa Inc. in exchange for the membership interest it held in the previous structure. The amount of the gain was determined following an independent valuation of the bank’s shares of Visa Inc. CIBC expects this restructuring will not have a material effect on revenue and expenses in its cards business on an ongoing basis.

CIBC also announced that it expects to report mark-to-market write-downs, net of gains on related hedges, of $463 million pre-tax in the fourth quarter on collateralized debt obligations (CDOs) and residential mortgage-backed securities (RMBS) related to the U.S. residential mortgage market.

CIBC will release its fourth quarter and fiscal 2007 results on December 6.