CIBC/PrivateBancorp

Seeking to diversify beyond the Canadian economy, the Canadian Imperial Bank of Commerce said that it will acquire Chicago-based PrivateBancorp Inc. for $3.8 billion in cash and shares. The move would expand CIBC’s North American presence and will allow it to provide U.S. banking services to its Canadian customers. PrivateBancorp has 34 offices in 12 states.