CIBC Receives TSX Approval for New 30M Share Buyback
Canadian Imperial Bank of Commerce (CIBC) announced that the Toronto Stock Exchange (TSX) has approved its new normal course issuer bid (NCIB). Under this new bid, CIBC intends to repurchase up to 30 million common shares, representing approximately 3.3% of its outstanding shares. This follows the completion of its previous NCIB, under which 20 million common shares were repurchased at an average price of $129.68 per share for a total of $2.6 billion. The new bid, combined with the previous one, represents approximately 5.5% of CIBC's public float, aligning with the bank's strategy to maintain balance sheet strength and generate shareholder value. Purchases are set to begin on June 8, 2026, and will run until June 7, 2027, or until the maximum shares are purchased. Additionally, CIBC has entered into an Automatic Share Purchase Plan (ASPP).
Key Highlights
- TSX approved a new Normal Course Issuer Bid (NCIB) for CIBC.
- CIBC intends to repurchase up to 30 million common shares, representing approximately 3.3% of outstanding shares.
- The previous NCIB was completed, repurchasing 20 million common shares.
- The 20 million shares were repurchased at an average price of $129.68 per share for a total of $2.6 billion.
- The new NCIB, combined with the previous one, represents approximately 5.5% of CIBC's public float.
- Purchases under the new NCIB may commence on or after June 8, 2026, and will conclude by June 7, 2027.
- CIBC has also entered into an Automatic Share Purchase Plan (ASPP) with CIBC Capital Markets.
Price Impact
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