Canadian Bank of Commerce ( (TSE:CM) ) has issued an announcement.
CIBC announced a domestic public offering of $450 million in Limited Recourse Capital Notes and $150 million in Non-Cumulative Preferred Shares. These offerings are aimed at institutional investors and are expected to close on March 24, 2025. The proceeds will be used for general corporate purposes, including potentially redeeming existing capital securities or repaying other liabilities. This strategic move is part of CIBC’s efforts to strengthen its capital base and enhance its financial flexibility, potentially impacting its market positioning and stakeholder interests.
More about Canadian Bank of Commerce
CIBC, or Canadian Imperial Bank of Commerce, is a leading financial institution in Canada, offering a wide range of financial products and services. The bank focuses on personal and business banking, wealth management, and capital markets services, catering to a diverse clientele in Canada and internationally.
YTD Price Performance: -10.50%
Average Trading Volume: 1,008,491
Technical Sentiment Consensus Rating: Sell
Current Market Cap: $52.8B
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