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Canada's CIBC completes $5 billion PrivateBancorp acquisition

TORONTO, June 23 (Reuters) - Canadian Imperial Bank of Commerce said on Friday that it had completed the $5 billion acquisition of Chicago-based PrivateBancorp in a deal which will help it diversify from its domestic market.

CIBC is paying $2.4 billion in cash and the remainder in shares. It expects the acquisition will add to its earnings within three years.

(Reporting by Matt Scuffham)