Agreement furthers North American reach of
CIBC's Capital Markets business; supports Loop Capital's growth
ambitions
TORONTO, June 23, 2021 /PRNewswire/ - CIBC announced
today that it has completed a strategic investment in Loop Capital,
a Chicago headquartered financial
services firm providing investment banking, brokerage, asset
management and wealth management services to corporations,
municipalities, hospitals, universities, institutional investors
and high net worth individuals. Loop Capital has offices in 20 US
cities, with more than 175 team members globally.
This transaction furthers CIBC's growth opportunities in the US
market. Loop Capital has deep, established relationships in key
growth areas. CIBC's investment in the firm will enable greater
collaboration on future client activity in areas such as capital
markets and wealth management. Financial terms were not
disclosed.
"We are excited to partner with Loop Capital to further expand
in key client segments and markets in the US," said Harry Culham, Senior Executive Vice-President
and Group Head, Capital Markets, CIBC. "With the combination of
Loop Capital's deep client relationships in the US and the strength
of our resources and capabilities, we see this as a mutually
beneficial transaction which enables us to accelerate the growth of
our North American platform, while collaborating to deliver a full
suite of financial services solutions to clients."
Following the acquisition of The PrivateBank in 2017, CIBC has
complemented its pursuit of organic growth by investing in
acquisitions with firms who have a shared culture and
client-focused approach, including Cleary
Gull and Lowenhaupt Global Advisors in 2019, and Geneva
Advisors in 2017. Today's announcement is a further step in
expanding the bank's product offering for clients and further
accelerating US growth.
"We have worked closely with the team at CIBC for many years,
and this is a great opportunity to continue to pursue mutually
beneficial growth opportunities for our respective platforms," said
Jim Reynolds, Chairman and CEO of
Loop Capital. "Further, CIBC and Loop have cultural alignment and
share a keen focus on serving clients that will allow us to
continue to garner growth."
Loop Capital Markets was ranked first in the categories of Best
Banking Firms for Diversity and Best Banking Firms for Women by
Vault in April 2021.
About CIBC
CIBC is a leading North American financial institution with 10
million personal banking, business, public sector and institutional
clients. Across Personal and Business Banking, Commercial Banking
and Wealth Management, and Capital Markets businesses, CIBC offers
a full range of advice, solutions and services through its leading
digital banking network, and locations across Canada with offices in the United States and around the world.
Ongoing news releases and more information about CIBC can be found
at www.cibc.com/en/about-cibc/media-centre.html.
About Loop Capital
Loop Capital is a full-service investment bank, brokerage and
advisory firm that provides creative capital solutions for
corporate, governmental and institutional entities across the
globe. Loop Capital's reputation for integrity and service -
coupled with the firm's track record of success - has allowed the
firm to serve an expanding number of clients from coast-to-coast
and globally. The firm continues to grow because clients continue
to ask them to do more for them. The firm's uncompromising
commitment to excellence means that clients get superior, focused
service across the entire platform.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/cibc-announces-minority-investment-in-loop-capital-301318259.html
SOURCE CIBC