Another driver is the increased push by major Canadian companies into global markets. CIBC chief Victor Dodig told analysts on a call last summer that many of the bank's corporate clients also do business with Canadian and international banks with U.S. operations. CIBC's business with them would "atrophy," he said, if it failed to diversify outside of Canada.
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"Canadian Imperial Sweetens Its Offer for PrivateBancorp -- Update," published at 10:45 a.m. ET, didn't specify that Mr. Dodig was referring to the bank's U.S. business when he told analysts on a call last summer that the bank's U.S. business would "atrophy" if the bank didn't diversify out of Canada.
(END) Dow Jones Newswires
May 04, 2017 17:58 ET (21:58 GMT)