Canadian Imperial Bank of Commerce (TSX:CM) has purchased a minority stake in Chicago-based Loop Capital to expand its presence in the U.S.
Loop Capital has offices in 20 U.S. cities and more than 175 employees globally, Toronto-based CIBC said in a news release. Financial terms and the size of the stake weren’t disclosed.
CIBC has been expanding in the U.S. since its $5 billion purchase of PrivateBancorp in 2017. Since then, CIBC has also acquired Geneva Advisors and Cleary Gull. The Canadian lender’s U.S. capital markets revenue rose 31% from a year earlier, to $194 million, in its latest quarter.
Loop Capital, founded in 1997 by Chief Executive Officer James Reynolds Jr. as a municipal bond firm, now provides investment banking, brokerage, asset management and wealth management services to corporations, cities and institutional investors.
Loop Capital is currently ranked 17th on the municipal bond league tables, with about $2.2 billion U.S. managed so far this year, according to data compiled by Bloomberg Markets.
