Norges Bank disclosed a new $958.4 million investment in Canadian Imperial Bank of Commerce (CIBC). Norway's sovereign wealth fund now holds a 1.14% stake in the lender. This position consists of 10.57 million shares.
The disclosure follows several major announcements from CIBC on May 28. The bank reported second-quarter earnings that exceeded analyst expectations. It also increased its dividend and launched a program to repurchase up to 30 million shares.
CIBC is executing a strategic shift to focus on North American operations. The bank recently sold its Caribbean unit for US$1.6 billion.