Canadian Imperial Bank of Commerce is buying Chicago-based PrivateBancorp in a cash-and-stock deal valued at about $3.8 billion to offer its Canadian clients access to U.S. banking services. CIBC, Canada’s fifth largest lender, said the deal would help it significantly expand its reach in North America. The bank has been facing investor concerns that it is too exposed to the Canadian market, which has been hit badly by the prolonged slump in oil prices. It said the acquisition would help it provide commercial and private banking services to the clients of Atlantic Trust, a wealth management firm it acquired in 2014. PrivateBancorp, a middle market-focused commercial lender with $17.7 billion in assets, will remain headquartered in Chicago and retain its Illinois state banking charter.
