The Wall Street Journal-20080115-Canada Bank to Sell Shares
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TORONTO -- Canadian Imperial Bank of Commerce said it aims to enhance its capital position by raising at least 2.75 billion Canadian dollars (US$2.70 billion) through the sale of common shares.
In the private placement, the investors are paying C$65.26 a share.
The bank said the move provides greater certainty that CIBC's capital levels will remain strong "even in the event that additional writedowns related to the U.S. residential real-estate market become necessary."
