CIBC Receives TSX Approval for New Normal Course Issuer Bid
TORONTO, June 4, 2026 /CNW/ – CIBC (TSX: CM) (NYSE: CM) has announced that the Toronto Stock Exchange (TSX) has accepted its notice to initiate a new normal course issuer bid (NCIB). The bank has completed the purchase and cancellation of 20 million common shares under its previous NCIB and has terminated that program. As disclosed on May 28, 2026, CIBC plans to repurchase up to 30 million common shares under the new NCIB, which represents approximately 3.3% of its 912,835,441 issued and outstanding common shares as of May 31, 2026.
The maximum number of shares that may be repurchased under the new NCIB (30 million), combined with the 20 million shares already bought back, totals approximately 5.5% of CIBC’s public float of 912,564,072 common shares as of May 31, 2026. The average daily trading volume for the six months ended May 31, 2026 was 2,692,339 shares, with a maximum daily purchase limit of 673,084 shares under TSX rules.
CIBC’s share repurchases under the NCIB align with its priority of maintaining a strong balance sheet while delivering shareholder value through a balanced capital deployment strategy. Purchases may begin on or after June 8, 2026, and can be executed through the TSX, alternative Canadian trading systems, the NYSE, or other means permitted by securities regulators. The bid will end upon the earlier of: (i) CIBC purchasing 30 million shares, (ii) CIBC issuing a notice of termination, or (iii) June 7, 2027.
CIBC Capital Markets has been appointed as the designated broker for the repurchases, which will be made at prevailing market prices. All shares bought under the NCIB will be cancelled. Additionally, CIBC has entered into an automatic share purchase plan (ASPP) with CIBC Capital Markets, allowing purchases during blackout periods when CIBC would otherwise be restricted from trading. The ASPP has been approved by the TSX.
The previous NCIB, which ran from September 10, 2025, to May 25, 2026, saw the repurchase and cancellation of 20 million common shares at an average price of $129.68 per share, totaling $2.6 billion.
Forward-looking statements in this release are subject to risks and uncertainties, including economic conditions, regulatory changes, and other factors beyond CIBC’s control. The bank does not undertake to update these statements except as required by law.
