CIBC buying minority stake in Chicago-based financial firm

CIBC is purchasing a minority stake in Loop Capital, a financial services firm that offers investment banking, brokerage, asset management and wealth management services to corporations and high-net-worth investors.

Chicago-based Loop has 175 employees and offices in 20 U.S. cities, a release from CIBC said, and “deep, established relationships in key growth areas.”

“CIBC’s investment in the firm will enable greater collaboration on future client activity in areas such as capital markets and wealth management,” the release said.

The acquisition will boost CIBC’s position in the U.S. market, the bank said, following recent acquisitions of other U.S. firms Cleary Gull, Lowenhaupt Global Advisors and PrivateBank.

Financial terms of the Loop deal were not disclosed.

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