Posted AT 9:56 AM EST on 03/10/08
CIBC in deal with Cerberus to cut subprime mortgage exposure
NEW YORK — U.S. private equity giant Cerberus Capital Management is injecting $1-billion into Canadian Imperial Bank of Commerce, a deal designed to help build a protective wall around CIBC's toxic sub-prime mortgage holdings.
CIBC has been negotiating with four private equity firms over the past several months in an effort to strengthen its balance sheet and limit its exposure to the faltering U.S. real estate market.
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