CIBC

CIBC plans to spend two years focusing on internal growth at PrivateBank except for some targeted wealth management acquisitions, but ultimately capital outlays or takeovers will be necessary to meet its growth ambitions.

The following is a recap of the 2017 slate of honorees picked by the tech journalists at American Banker, led by Digital Banker of the Year Michelle Moore of Bank of America and including four finalists.

At CIBC, Aayaz Pira is quickly turning ideas into apps, including its new mortgage one, with the help of its recently formed innovation hub.

PrivateBancorp investors approved a $4.9 billion takeover by Canadian Imperial Bank of Commerce after the Toronto-based lender sweetened its deal twice to win over shareholders.

Canadian Imperial Bank of Commerce increased its offer for PrivateBancorp Inc. by $3 a share in cash to offset the decline in the bidder's stock price.

The value of CIBC's offer for PrivateBancorp in Chicago had dropped by $3 per share as of late last week due to the decline in CIBC’s stock price in recent weeks, one shareholder advisory firm said ahead of a shareholder vote next week. Another advisory firm endorses the deal.

The development of mobile mortgage solutions has to strike a delicate balance between self-service and making humans readily available for the stressful process.

The revised offer is 20% higher than the initial bid, which amounted to a discount after bank stocks soared following the November elections.

Canadian banks hope to create an environment where consumers have more control over who is able to view their personal data.

CIBC’s CEO vows to stay “disciplined” in his bid to buy PrivateBancorp, even as some of the Chicago bank’s investors say the deal is insufficient. The head of RBC, meanwhile, said it will pursue organic growth instead of acquisitions, at least for a while.