Chicago-based PrivateBancorp Inc. has set a new date when shareholders will determine whether to accept a takeover offer from Canadian Imperial Bank of Commerce.
The U.S. bank said Monday that votes will be tallied at a special meeting "on or about May 4, 2017."
Last June, CIBC made a bid to buy PrivateBancorp, often called PrivateBank, for a mix of cash and stock that was worth $4.9-billion (Canadian), or about $47 (U.S.) a share at the time. The proposed acquisition is the core of CIBC's strategy to expand its presence in the United States at a moment when several Canadian banks are looking south of the border for opportunities to grow. Story
Hard Brexit would trigger 'leaching' of banks from U.K.: draft report
A draft report on the impact of Brexit on Britain's financial industry warns banks and staff would "leach" away, undermining the wider U.K. economy, if they do not have access to European Union markets, according to sources who have read the report.
Firms are already applying a "base case scenario" that when these talks end in two years' time no access to EU markets will have been agreed, the sources cited the report as saying.
The report adds that even for financial services firms in Britain that do little direct business with the EU, damage from such a "hard" Brexit to the "ecosystem" of financial, legal and accounting services in Britain would hit them too. Story
DAILY DEALS
Fund managers and institutional investors expect oil giant Saudi Aramco to have a market capitalisation of $1-trillion (£-816 billion) to $1.5-trillion (£-1.22 trillion) when it sells shares to the public next year, a survey by regional investment bank EFG Hermes showed on Monday. Story
Standard Life has reached agreement to buy Aberdeen Asset Management in an £11 billion ($13.5-billion U.S.) merger that should save £200-million a year in costs, pushing rivals to follow suit as fund managers' margins sag. Story
ON THE MOVE
Veteran railroader and cost-cutter Hunter Harrison is taking charge at CSX Corp. Story
IN CASE YOU MISSED IT
Deutsche Bank tests investor patience with $8.5-billion cash call Story