Reuters • 4 days ago
Canada's banking regulator said on Tuesday it will require the country's smaller lenders to test how they would withstand a 50 percent drop in property prices in Vancouver and a 40 percent decline in Toronto. The move, which builds on an existing requirement that lenders test their resilience to a 30 percent decline in home prices across all regions, is the latest in a series of measures by Canadian authorities to counter a risk posed by soaring house prices in the two Canadian cities.
Reuters • 20 days ago
Canadian banks remain on a "negative" outlook, ratings agency Moody's said on Monday, citing a likely reduction in government support following the introduction of laws shifting some of the responsibility for propping up failing lenders to creditors. Moody's has had a negative outlook on Canadian banks since July 2014. Canada said in March it would allow authorities to convert eligible long-term debt of a failing lender into common shares in order to recapitalize the bank.
Reuters • 24 days ago
Canada's banking regulator is tightening oversight of mortgage lending, citing concerns about record household debt and a sharp jump in house prices, and says income verification for borrowers outside Canada has become a particular challenge. In the latest sign of the concerns of Canadian authorities about soaring home prices in markets like Vancouver and Toronto, the Office of the Superintendent of Financial Institutions (OSFI) said on Thursday that price gains, debt levels and persistently low interest rates had all helped increase threats to the stability of financial institutions.
Reuters • 24 days ago
Canada's banking regulator said on Thursday it has written to lenders to tighten expectations that they engage in prudent underwriting of residential mortgage loans. The Office of the Superintendent of ...
The Wall Street Journal • last month
Canadian Imperial Bank of Commerce agreed to buy PrivateBancorp, a Chicago-based middle-market commercial bank, for about $3.8 billion in cash and stock.
CNBC • last month
PrivateBancorp shares spiked 23 percent after it announced a buyout agreement with the Canadian Imperial Bank of Commerce.
TheStreet.com • last month
PrivateBancorp (PVTB) stock is sharply higher this afternoon after agreeing to be purchased by Canadian Imperial Bank of Commerce.
Reuters • last month
Canadian Imperial Bank of Commerce said it will buy Chicago-based PrivateBancorp Inc in a $3.8 billion cash-and-share deal, its biggest ever acquisition and a long-awaited expansion in U.S wealth management. CIBC has been in talks with potential U.S. targets for some time as it looked to expand its wealth management business. Some investors are also keen for Canadian banks to lessen their dependence on a domestic market that has been hurt by the prolonged slump in oil prices.
Canadian Imperial Bank of CommerceToronto
|52wk Range||82.19 - 104.65|
|Day's Range||98.62 - 99.59|
|Avg Vol (3m)||1,152,191|
As of 4:00 PM EDT. Market closed.