1 September 2017, 09:45
Photo : Brandon Mowinkel | Unsplash
The bank CIBC has completed the acquisition of Geneva Advisors, a private wealth management located in Chicago. Concluded for a purchase price of us $ 200 million, the acquisition was announced on July 10.
The acquisition, which adds to The PrivateBank in June of last year, expands the customer base and the management capacity of investments for the activities of private wealth management of CIBC in the United States. CIBC now has approximately 50 billion dollars (G$) of assets under management in the United States.
Geneva Advisors, an independent firm of private wealth management, will allow CIBC Atlantic Trust Private Wealth Management, located in Atlanta, count on$ 8.6 billion of new assets under management and approximately 100 new employees. Team Geneva will be Jack S. Markwalter Jr., chairman of the board and chief executive officer, CIBC Atlantic Trust.
A transaction at$ 200 Million
«We are thrilled to have the team of Geneva Advisors with us, said Larry D. Richman, chief of group, region of the United States, CIBC and chairman and chief executive officer, The PrivateBank. The combined forces of our teams, our customer-centric approach and our first class service will further strengthen and better position us to grow our business of private wealth management in the United States, more particularly on the Chicago market. «
While the total cost of the transaction amounts to $ 200 million, $ 135 million was paid at the closing of the transaction, 25 % of which were paid in cash and 75 % in common shares of CIBC. It is anticipated that the transaction will have a positive impact on the earnings per share by CIBC during the year 2019.