Canadian Imperial Bank of Commerce (CIBC) has expressed its willingness to acquire wealth management operations worth more than C$1bn ($948.72m), as it actively seeks to boost its profatibility from the segment.
The bank is particularly eying Canada for acquisitions to achieve its objective.
CIBC chief executive officer Gerry McCaughey was quoted by Reuters as saying much of the growth that the bank is planning will come from the US and will be focused on asset management, private wealth management and private banking.
He added that the bank will expand its wealth-management operation through internal expansion as well as suitable acquisition in Canada.
The lender plans to increase its profitability to 15% of revenues, which currently stands at nearly 11%, McCaughey said during the Scotiabank financials summit in Toronto.
"We are now open to considering acquisitions in excess of C$1 billion that would accelerate how fast we get to 15 percent.
"As we have worked through the universe of potential acquisitions, it has become clear that choices improve as we expand the size of the universe under consideration," he concluded.
In April this year, CIBC agreed to acquire Atlantic Trust Private Wealth Management from Invesco Ltd. for $210m and in 2011, it purchased 41% stake of American Century, in a transaction valued at nearly C$848.