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Banks

CBIC <CM.TO> to open third agency office in New York

WASHINGTON, Sept 17 (Reuters) - The Federal Reserve said on Thursday it approved the Canadian Imperial Bank of Commerce's CM.TO request to open a third agency in New York.

CBIC, based in Toronto, engages in a broad range of retail banking, commercial banking, private banking, asset management and investment banking.

The bank currently operates a branch in Chicago, two agencies in New York, and representative offices in Houston and Los Angeles, the Fed said.

Some agency activities in New York recently moved to 425 Lexington Ave., including real estate financing and commercial lending, necessitating this application to retain this location as an agency, the Fed said.

CBIC has total consolidated assets of about $309 billion and is Canada’s fifth largest bank by asset size. (Reporting by Nancy Waitz; editing by Jeffrey Benkoe)

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