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CIBC moves to bolster its balance sheet

Canadian Imperial Bank of Commerce’s shares fell 2.9 per cent yesterday after the bank said it would raise about C$2.75bn (US$2.7bn) in stock sales to a group of investors to help prop up its balance sheet.  The bank said it would take almost $2.5bn in pre-tax writedowns related to the US subprime woes. CIBC, Canada’s fifth-largest bank, said late on Monday that it had enlisted a group of investors to inject C$1.5bn through a private placement.  The investors include Manulife Financial, the Ontario Municipal Employees Retirement System, Quebec pension fund manager the Caisse de dépôt et placement du Québec and the Hong Kong billionaire Li Ka-shing’s Cheung Kong Holdings.

read the rest published by FT here:

http://www.ft.com/cms/s/0/b8589636-c3d5-11dc-b083-0000779fd2ac.html