CIBC WI – Acquires Cayman Island Operations

The company has acquired the retail banking operations of CIBC Bank and Trust Company (Cayman) Ltd. As consideration, CIBC WI Holdings Ltd. will issue 171.5 million shares in exchange for 8.625 million Class “B” shares of CIBC Bank and Trust Company (Cayman) Ltd., which represents an ownership interest of 51%. Approvals from the relevant authorities in Barbados and the Cayman Islands have been obtained in relation to this transaction.