The Toronto Stock Exchange approved Canadian Imperial Bank of Commerce's normal course issuer bid to purchase for cancellation up to 9 million of its common shares.

The shares represent about 2% of CIBC's 444,750,528 issued and outstanding common shares, as of May 22.

Purchases under the bid may start on or after June 4.

CIBC's previous normal course issuer bid for up to 9 million common shares, which commenced June 4, 2018, is set to expire June 3.