OTTAWA: The Canadian Imperial Bank of Commerce (CIBC) on Wednesday made a US$3.8 billion offer to buy Chicago-based investment bank PrivateBancorp as it looks to expand in the US. CIBC expects to pay US$1.5 billion in cash and issue 29.5 million shares to finance the acquisition, it said in a statement. PrivateBancorp operates in 12 US states and manages assets totaling US$17.7 billion. The takeover bid is expected to be finalized early next year.
Mobile manufacturers warn of IMEI cloning, oppose used phone imports
ISLAMABAD: The Pakistan Mobile Phone Manufacturers Association (PMPMA) has raised concerns over the sale of smuggled, stolen and counterfeit mobile...
