TORONTO -- CIBC has agreed to pay up to US$200 million in stock and cash to acquire Geneva Advisors, a private wealth management firm headquartered in Chicago.

The Toronto-based bank (CM.TO) says Geneva Advisors will build on its recent acquisition of PrivateBancorp in a deal valued at about US$5 billion.

Geneva has about US$8.4 billion in assets under management and 100 employees.

CIBC has agreed to pay US$135 million when the deal closes and an additional US$65 million contingent on performance targets. It expects 25 per cent of the purchase price to be in cash and 75 per cent in CIBC common stock.

The Canadian bank says the deal is expected to close in its fourth quarter, subject to the customary closing conditions, including regulatory approvals.

Once the transaction is completed, CIBC will have about US$50 billion in assets under administration in the United States.