CIBC cuts prime rate to 6 percent

Tue Dec 4, 2007 9:23am EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

TORONTO (Reuters) - Canadian Imperial Bank of Commerce said on Tuesday it cut its prime lending rate to 6 percent from 6.25 percent, effective Wednesday.

The move comes after the Bank of Canada cut its overnight interest rate by one-quarter point to 4.25 percent.

($1=$1.00 Canadian)

(Reporting by Scott Anderson; Editing by Ka Yan Ng)

<p>A Canadian Imperial Bank of Commerce (CIBC) branch is seen in Toronto November 9, 2007. REUTERS/Mark Blinch</p>