CIBC announces minority investment in Loop Capital

Agreement furthers North American reach of CIBC's Capital Markets business; supports Loop Capital's growth ambitions

TORONTO, June 23, 2021 /CNW/ — CIBC announced today that it has completed a strategic investment in Loop Capital, a Chicago headquartered financial services firm providing investment banking, brokerage, asset management and wealth management services to corporations, municipalities, hospitals, universities, institutional investors and high net worth individuals. Loop Capital has offices in 20 US cities, with more than 175 team members globally.

This transaction furthers CIBC's growth opportunities in the US market. Loop Capital has deep, established relationships in key growth areas. CIBC's investment in the firm will enable greater collaboration on future client activity in areas such as capital markets and wealth management. Financial terms were not disclosed.

"We are excited to partner with Loop Capital to further expand in key client segments and markets in the US," said Harry Culham, Senior Executive Vice-President and Group Head, Capital Markets, CIBC. "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."

Following the acquisition of The PrivateBank in 2017, CIBC has complemented its pursuit of organic growth by investing in acquisitions with firms who have a shared culture and clientfocused approach, including Cleary Gull and Lowenhaupt Global Advisors in 2019, and Geneva Advisors in 2017. Today's announcement is a further step in expanding the bank's product offering for clients and further accelerating US growth.

"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," said Jim Reynolds, Chairman and CEO of Loop Capital. "Further, CIBC and Loop have cultural alignment and share a keen focus on serving clients that will allow us to continue to garner growth."

Loop Capital Markets was ranked first in the categories of Best Banking Firms for Diversity and Best Banking Firms for Women by Vault in April 2021.