TORONTO, March 21,
2024 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today
announced its intention to redeem all of its issued and outstanding
Non-cumulative Rate Reset Class A Preferred Shares Series 49
(Non-viability contingent capital (NVCC)) (Series 49 shares) (TSX:
CM.PR.T), for cash. The redemption will occur on April 30, 2024. The redemption price is
$25.00 per Series 49 share.
The $0.325000 quarterly dividend
announced on February 29, 2024 will
be the final dividend on the Series 49 shares and will be paid on
April 29, 2024, covering the period
to April 30, 2024, to shareholders of
record on March 28, 2024.
Holders of the Series 49 shares should contact the financial
institution, broker or other intermediary through which they hold
the shares to confirm how they will receive their redemption
proceeds.
About CIBC
CIBC is a leading North American financial institution with 14
million personal banking, business, public sector and institutional
clients. Across Personal and Business Banking, Commercial Banking
and Wealth Management, and Capital Markets and Direct Financial
Services businesses, CIBC offers a full range of advice, solutions
and services through its leading digital banking network, and
locations across Canada, in
the United States and around the
world. Ongoing news releases and more information about CIBC can be
found at www.cibc.com/ca/media-centre.
SOURCE CIBC