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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion.
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To: Rocket Red who wrote (96635)11/21/2001 8:50:51 PM
From: Rocket Red   of 150070
 
CIBC taking over Merrill Lynch Canada brokerage for $500-600M
Updated: Wed, Nov 21 8:32 PM EST
TORONTO (CP) - CIBC has won the bidding war for the Canadian stock brokerage business being abandoned by Wall Street giant Merrill Lynch.
The bank announced Thursday night that the deal is priced in a range from $475 million to $650 million. The final cost is expected to be between $500 million and $600 million, depending on the number of Merrill financial consultants who join CIBC Wood Gundy.

The combined business, operating under the CIBC Wood Gundy name, will have a retail sales force of more than 1,600 people, about 1,000 of them from Merrill, managing over $85 billion in assets.

"With the addition of Merrill Lynch Canada, CIBC Wood Gundy secures its place as Canada's premier retail brokerage firm and assembles one of the largest networks of financial consultants of any private client brokerage organization," stated John Hunkin, CIBC chairman and chief executive officer.

"This acquisition is a major building block in CIBC's strategy to grow our wealth management operations."

In addition to the Merrill Lynch Canada retail brokerage, CIBC is buying Merrill's Canadian mutual fund and securities services businesses.

The deal does not include the Merrill Lynch corporate and institutional client businesses in Canada, which Wall Street's biggest brokerage said it was not selling when it announced its departure from the Canadian retail business three weeks ago.
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