Reuters reports that CIBC has been in talks with potential U.S. targets for some time as it looked to expand its wealth management business. The bank sees the sector as a growth area that could help offset sluggish domestic growth and a low-interest-rate environment.
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.
"What we're trying to achieve for our shareholders and for our clients is to have a business with a more diversified earnings stream than just relying largely on the Canadian market," CIBC Chief Executive Officer Victor Dodig said on a conference call.
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