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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 904,884,760
Close 2022-10-04 C$ 62.28
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FP says National Bank sees rivals kicking tires at HSBC

2022-10-05 09:18 ET - In the News

See In the News (C-NA) National Bank of Canada

The Financial Post reports in its Wednesday, Oct. 5, edition that the Big Six banks would be the most likely candidates to pursue a takeover of HSBC Holdings' Canadian operations. The Post's Stephanie Hughes writes that the British financial services giant confirmed on Tuesday reports it was exploring a potential sale of the unit. The bank said in a statement: "We are currently reviewing our strategic options with respect to our wholly owned subsidiary in Canada. Amongst the options being explored is a potential sale of HSBC Group's 100-per-cent interest in HSBC Bank Canada. ... The review is at an early stage and no decisions have been made." While it is far from HSBC'S biggest business line, the Canadian unit has been the third-largest contributor to commercial banking profits globally. Bloomberg News reported that it could be worth as much as $10-billion (U.S.). Analysts called the potential sale a "rare opportunity" to acquire a large Canadian lending institution, with National Bank of Canada analyst Gabriel Dechaine noting he expects every big bank to at least kick the tires -- though not all may be in the right capital position to throw their hat in the ring.

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