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April 15, 2013 at 08:26 AM
CIBC, the Canadian financial institution, announced last week that it had agreed to buy Atlantic Trust Private Wealth Management from Invesco.
CIBC said in a statement that it would acquire Atlantic Trust for $210 million in an all-cash transaction that will be accretive to adjusted earnings per share in fiscal 2014.
At the closing—expected in the second half of this year, CIBC said—it expects to reduce its Basel III Common Equity Tier 1 ratio by some 20 basis point on a pro forma basis as of Jan. 31, 2013.
“This transaction further enhances our private wealth management offering to high-net-worth clients and is consistent with our acquisition of MFS McLean Budden in Canada,” Victor Dodig, senior executive vice president at CIBC and group head of wealth management, said in the statement.
