CIBC announced today that The PrivateBank will now take its name. CIBC completed its acquisition of The PrivateBank's parent company, Chicago-based PrivateBancorp, in June 2017.
"The same team our clients have trusted at The PrivateBank is now backed by one of the strongest banks in North America with 150 years of providing exceptional client service," said Victor Dodig, President and CEO, CIBC. "As we build our North American platform, coming together under the CIBC brand sends a clear message that our clients on both sides of the border have even greater opportunities to help them reach their financial goals," said Victor Dodig, President and CEO, CIBC.
The PrivateBank's 36 branch locations and commercial banking business development offices now have the CIBC name. The PrivateBank and Trust Company will now conduct business as CIBC Bank USA, an indirectly, wholly owned subsidiary of CIBC.