Canadian Imperial Bank of Commerce secured the approval of the Toronto Stock Exchange for a intention to repurchase for cancellation up to 9 million common shares.
The shares represent approximately 2% of the Toronto-based company's 444,819,584 issued and outstanding common shares as of May 22.
Under the share buyback plan, shares may be purchased through the TSX, New York Stock Exchange, or other alternative Canadian trading systems on or after June 4. The bid will be terminated June 3, 2019, unless it is completed or terminated earlier.
CIBC World Markets Inc. is the designated broker. The shares will be bought at the market price at the time of the purchase.
No shares were repurchased under CIBC's previous normal course issuer bid, which expired on March 13, for the buyback of up to 8 million common shares.
