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Canadian Imperial Bank of Commerce creates US wealth management unit

Canadian Imperial Bank of Commerce now has a U.S. commercial banking and wealth management unit following the close of its acquisition of Chicago-based PrivateBank and Trust Co.

In relation to the new unit, CIBC changed the name of its retail and business banking strategic business unit to Canadian Retail and Business Banking and the name of its wealth management strategic business unit to Canadian Wealth Management. No lines of business within these units were changed.