03:52:42 EST Thu 02 Feb 2023
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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 904,884,760
Close 2022-10-25 C$ 60.09
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Globe says National Bank, others eye HSBC's Q3 profit

2022-10-26 07:55 ET - In the News

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

The Globe and Mail reports in its Wednesday edition that HSBC Bank Canada has posted a 29-per-cent increase in third-quarter profit compared with the same period last year. The Globe's James Bradshaw and Andrew Willis write that the performance of U.K.-based HSBC's Canadian unit comes at an opportune moment for the global bank. It is running an auction process that could lead to a sale of HSBC Canada, a profitable subsidiary that analysts estimate could fetch as much as $10-billion. A first round of bids was due Friday after rivals took a closer look at the bank's data. HSBC Canada is Canada's seventh largest bank, and it is expected to draw interest from each of its six larger rivals. It is a rare asset, and would be the largest domestic bank acquisition in decades. A potential deal is fraught with complexities because of the sheer size of the transaction, as well as political considerations related to competition in the banking industry. In the quarter that ended Sept. 30, HSBC Canada reported profit of $206-million, or 38 cents a share, compared with $159-million, or 29 cents a share, in the same quarter last year. Profit before income tax was $298-million, up 27 per cent, while costs increased by just $2-million.

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