The Toronto Stock Exchange has accepted notice of CIBC's (CM.TO and NYSE: CM) intention to make a new normal course issuer bid, the bank said Thursday.
CIBC added it has completed its purchase for cancellation of 20 million common shares under its previous normal course issuer bid and has terminated it. As announced on May 28, 2026, CIBC intends to purchase for cancellation up to 30 million common shares under the new NCIB, representing approximately 3.3% of CIBC's 912,835,441 issued and outstanding common shares as of May 31, 2026.
The maximum number of shares that may be repurchased by CIBC under the new NCIB (30 million common shares), when aggregated with the 20 million common shares repurchased under the previous NCIB, represents approximately 5.5% of CIBC's public float of 912,564,072 common shares as of May 31, 2026, the bank noted.
CIBC said its purchase of common shares under a NCIB is consistent with the priority of "maintaining balance sheet strength, while generating shareholder value through a balanced capital deployment strategy".
Purchases under the bid may commence through the TSX on or after June 8, 2026.
CIBC has also entered into an automatic share purchase plan (ASPP).
Shares in CIBC were down $0.86 or near 0.6% at $149.27 in Canada yesterday.