With an aim to further expand its presence in the U.S. capital markets business, Canadian Imperial Bank of Commerce (CM - Free Report) has acquired a minority stake in Chicago-based Loop Capital. The financial terms of the deal were not revealed.
Founded in 1997 and with offices in 20 U.S. cities, Loop Capital provides investment banking, brokerage, asset management and wealth management services. The firm has more than 175 team members across the globe.
Jim Reynolds, Chairman and CEO of Loop Capital, said “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.”
Harry Culham, Senior Executive Vice-President and Group Head, Capital Markets, Canadian Imperial, said, “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.”
Since the acquisition of Chicago-based PrivateBancorp Inc. in 2017, Canadian Imperial has been expanding in the United States through strategic acquisitions. In the same year, the company acquired Geneva Advisors, while in 2019, it took over Cleary Gull and Lowenhaupt Global Advisors.
These deals, along with organic growth efforts, continue to support Canadian Imperial’s financials, which are getting hampered by lower rates. Yet, the company faces tough competition from other Canadian banks, including The Toronto-Dominion Bank (TD - Free Report) , Bank of Montreal (BMO - Free Report) and Royal Bank of Canada (RY - Free Report) , among others.
Moreover, shares of this Zacks Rank #2 (Buy) company have rallied 39% so far this year, outperforming the industry’s rise of 18.3%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
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With an aim to further expand its presence in the U.S. capital markets business, Canadian Imperial Bank of Commerce (CM - Free Report) has acquired a minority stake in Chicago-based Loop Capital. The financial terms of the deal were not revealed.
Founded in 1997 and with offices in 20 U.S. cities, Loop Capital provides investment banking, brokerage, asset management and wealth management services. The firm has more than 175 team members across the globe.
Jim Reynolds, Chairman and CEO of Loop Capital, said “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.”
Harry Culham, Senior Executive Vice-President and Group Head, Capital Markets, Canadian Imperial, said, “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.”
Since the acquisition of Chicago-based PrivateBancorp Inc. in 2017, Canadian Imperial has been expanding in the United States through strategic acquisitions. In the same year, the company acquired Geneva Advisors, while in 2019, it took over Cleary Gull and Lowenhaupt Global Advisors.
These deals, along with organic growth efforts, continue to support Canadian Imperial’s financials, which are getting hampered by lower rates. Yet, the company faces tough competition from other Canadian banks, including The Toronto-Dominion Bank (TD - Free Report) , Bank of Montreal (BMO - Free Report) and Royal Bank of Canada (RY - Free Report) , among others.
Moreover, shares of this Zacks Rank #2 (Buy) company have rallied 39% so far this year, outperforming the industry’s rise of 18.3%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.
Click here for the 4 trades >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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