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Rating:CIBC Unloads Oppenheimer Not Rated 2.3 Email Routing List Email & Route  Print Print
Tuesday, December 10, 2002

CIBC Unloads Oppenheimer

by: Sean Hanna, Editor in Chief

Canadian Imperial Bank of Commerce (CIBC) is selling its U.S. asset management arm to Fahnestock Viner Holdings. The deal puts a $257 million price tag on CIBC Oppenheimer. CIBC World Markets is not a part of the deal which is expected to close in January.

Fahnestock will pick up $8.7 billion of assets under management at Oppenheimer, which is not related to MassMutual's OppenheimerFunds unit. CIBC purchased the unit in 1997 as a way to break into the U.S. retail brokerage business.

As a part of the deal CIBC picks up an option to buy up to 35 percent of Fahnestock's issued shares. This is the third time that CIBC has unloaded a non-core business in this type of deal. Two months ago the firm made a similar deal with Barclays Bank as a way to unload its Caribbean business and two years ago it sold its property casualty business in a similar deal.  

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