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Thursday, February 5, 2015

Canada's RBC, CIBC looked at buying Boston Private Bank - WSJ, (NYSE: CM), (TSE: CM.TO), (NYSE: RY), (TSE: RY.TO)

Royal Bank of Canada (RBC) and Canadian Imperial Bank of Commerce (CIBC), two of Canada's biggest banks, looked at buying U.S. lender Boston Private Bank & Trust Co, the Wall Street Journal reported, citing people familiar with the matter. RBC was in talks last month to purchase Boston Private, before it reached a deal to acquire another U.S.-based lender, the Journal said, citing two people. (on.wsj.com/1Aw39Mu)One of the people said RBC ultimately decided that Boston Private wasn't a good fit because it wanted a wealth management platform and not a private banking platform, the Journal said.RBC initially valued Boston Private at $2 billion, but later concluded that the valuation was too high and passed on, buying First Republic Corp in San Francisco, the newspaper said.Canada's major banks, which emerged from the financial crisis largely unscathed, have been on a global hunt to expand their wealth management business.

Canadian Imperial Bank of Commerce (CIBC) is a Canada-based financial institution. Shares of CM traded higher by 2.66% or $1.93/share to $74.58. In the past year, the shares have traded as low as $69.16 and as high as $97.97. On average, 316342 shares of CM exchange hands on a given day and today's volume is recorded at 226804.

Canadian Imperial Bank of Commerce (CIBC) is a Canada-based financial institution. Shares of CM traded higher by 1.53% or $1.4/share to $92.74. In the past year, the shares have traded as low as $86.49 and as high as $107.37. On average, 1280120 shares of CM.TO exchange hands on a given day and today's volume is recorded at 654824.

Royal Bank of Canada, is a Canada-based banking company. Shares of RY traded higher by 2.56% or $1.51/share to $60.52. In the past year, the shares have traded as low as $56.40 and as high as $76.08. On average, 1156870 shares of RY exchange hands on a given day and today's volume is recorded at 1047870.

Royal Bank of Canada, is a Canada-based banking company. Shares of RY traded higher by 1.52% or $1.13/share to $75.26. In the past year, the shares have traded as low as $69.06 and as high as $83.87. On average, 2772910 shares of RY.TO exchange hands on a given day and today's volume is recorded at 1487962.



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