Bank of Montreal Discloses 6.1% Stake in CIBC

TL;DR

**Bank of Montreal owns 6.1% of CIBC, a big stake from a rival bank.**

AI Summary

Bank of Montreal /CAN/ filed an amended SC 13G/A on February 9, 2024, disclosing its beneficial ownership in Canadian Imperial Bank of Commerce /CAN/ as of December 31, 2023. Bank of Montreal now beneficially owns 57,797,843 Common Shares, representing 6.1% of CIBC's outstanding shares. This is a significant holding by a major competitor, indicating a substantial investment interest in CIBC, which could signal confidence or strategic positioning within the Canadian banking sector.

Why It Matters

This filing shows a major Canadian bank, Bank of Montreal, holds a substantial stake in another, CIBC, which could influence CIBC's stock performance and strategic direction.

Risk Assessment

Risk Level: low — This filing indicates a significant, but passive, ownership stake by a large financial institution, which generally doesn't pose an immediate high risk.

Analyst Insight

Investors should note that a major competitor, Bank of Montreal, holds a substantial passive stake in CIBC, which could be a sign of confidence in CIBC's long-term value or a strategic investment. This doesn't necessarily imply an immediate acquisition, but it's a data point for evaluating CIBC's market perception among institutional players.

Key Numbers

• 57,797,843 — Common Shares (Total shares beneficially owned by Bank of Montreal in CIBC.)
• 6.1% — Percentage of Class Outstanding (The proportion of CIBC's shares owned by Bank of Montreal, indicating a significant stake.)

Key Players & Entities

• Bank of Montreal /CAN/ (company) — the reporting person beneficially owning shares
• Canadian Imperial Bank of Commerce /CAN/ (company) — the issuer whose shares are being reported
• 57,797,843 (dollar_amount) — aggregate amount of shares beneficially owned by Bank of Montreal
• 6.1% (dollar_amount) — percentage of class outstanding beneficially owned by Bank of Montreal
• December 31, 2023 (date) — the date of the event requiring the filing

Forward-Looking Statements

• Bank of Montreal will maintain its significant stake in CIBC for the foreseeable future. (Bank of Montreal) — medium confidence, target: December 31, 2024

FAQ

Filing Documents

• cma1_20824.htm (SC 13G/A) — 109KB
• 0001085146-24-000935.txt ( ) — 111KB

(a)

ITEM 1(a). NAME OF ISSUER: Canadian Imperial Bank of Commerce

(b)

ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: 81 BAY ST, Toronto, CA-ON, M5J0E7, CA

(a)

ITEM 2(a). NAME OF PERSON FILING: BANK OF MONTREAL BANK OF MONTREAL HOLDING INC. BMO NESBITT BURNS HOLDINGS CORPORATION BMO NESBITT BURNS INC. WEALTH MANAGEMENT BMO NESBITT BURNS SECURITIES LTD. BMO PRIVATE INVESTMENT COUNSEL INC. BMO ASSET MANAGEMENT INC. BMO NESBITT BURNS INC. BMO FINANCIAL CORP. BMO BANK N.A. BMO FAMILY OFFICE, LLC BANK OF MONTREAL EUROPE PUBLIC LIMITED COMPANY BANK OF MONTREAL, TORONTO BRANCH

(b)

ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE: 100 King Street West, 21st Floor, Toronto, Ontario, M5X 1A1, Canada

(c)

ITEM 2(c). CITIZENSHIP: Canada Canada Canada Canada Canada Canada Canada United States United States United States Ireland Canada

(d)

ITEM 2(d). TITLE OF CLASS OF SECURITIES: Common Shares

(e)

ITEM 2(e). CUSIP NUMBER: 136069101 ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO SECTION 240.13d-1(b), or 13d-2(b) or (c) CHECK WHETHER THE PERSON FILING IS A: (a) [X] Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78c); (b) [X] Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c); (c) [ ] Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c); (d) [ ] Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8); (e) [X] An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E); (f) [ ] An employee benefit plan or endowment fund in accordance with 240.13d-1(b)(1)(ii)(F); (g) [X] A parent holding company or control person in accordance with 240.13d-1(b)(1)(ii)(G); (h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) [ ] A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); (j) [ ] A non-U.S. institution in accordance with 240.13d-1(b)(1)(ii)(J); (k) [ ] Group, in accordance with 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with 240.13d1(b)(1)(ii)(J), please specify the type of institution: ITEM 4. (a) Amount beneficially owned: 57,797,843 (b) Percent of class: 6.2% (c) Number of shares as to which the person has: (i) sole power to vote or to direct the vote: 57,733,963~41,164,607~28,139,999~23,430,219~22,629,081~13,024,608~17,200~17,200~662,747~15,889,409 (ii) shared power to vote or to direct the vote: (iii) sole power to dispose or direct the disposition of: BANK OF MONTREAL - 57,797,843 BANK OF MONTREAL HOLDING INC. - 41,224,569 BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 28,199,961 BMO NESBITT BURNS SECURITIES LTD. - 59,962 BMO PRIVATE INVESTMENT COUNSEL INC. - 23,430,219 BMO ASSET MANAGEMENT IN

View Full Filing

View this SC 13G/A filing on SEC EDGAR