CIBC's US dream hangs in balance as PrivateBancorp deal drags on

Toronto

CANADIAN Imperial Bank of Commerce's insistence on keeping its discipline while assessing whether to increase its US$2.9 billion bid for Chicago-based PrivateBancorp leaves the bank's US expansion plans in the balance.

PrivateBancorp postponed a shareholder vote on the deal in December after some investors indicated they would reject it. They argued that it undervalued the business following Donald Trump's election as US president, which sparked hopes of lighter financial regulation, lower tax rates and higher interest rates.