Bank of Montreal (BMO) and ten affiliated entities have filed a Schedule 13G on Canadian Imperial Bank of Commerce (CM) common shares. As of 30 June 2025 the group beneficially owned 46,480,692 shares (CUSIP 136069101), equating to 4.94 % of CM’s outstanding common stock. The filing is made under Rule 13d-1(b), indicating a passive investment intent.
Voting/Dispositive powers: BMO reports sole voting power over 46.16 m shares and shared voting power over 0.25 m; sole dispositive power stands at 46.23 m with the same 0.25 m shared. Key subsidiaries and their aggregate stakes include: Bank of Montreal Holding Inc. 30.42 m (3.23 %), BMO Asset Management Inc. 17.87 m (1.90 %), and BMO Nesbitt Burns Inc. Wealth Management 24.57 m (2.61 %). Several smaller units hold fractional percentages.
The certification affirms the shares were acquired in the ordinary course of business and not for the purpose of influencing CM’s control. As the holding is just under the 5 % regulatory threshold, no Schedule 13D or additional control disclosures are required.
Positive
Significant institutional interest: A top-tier bank owning nearly 5 % of CM may be interpreted as a vote of confidence in the issuer.
Cross-bank ownership scrutiny: Large stake by a direct competitor could draw regulatory or antitrust attention if it rises further.
Stake just below 5 %: Any incremental purchases could trigger stricter disclosure (13D) and potential strategic uncertainty.
Insights
TL;DR – BMO reveals a 4.94 % passive stake in rival bank CM; notable but sub-5 %.
This 13G filing shows BMO as a significant—yet still passive—shareholder of CM. Crossing 3 % is material for index funds; approaching 5 % is material under U.S. disclosure rules. While the stake signals confidence in CM’s valuation, the passive certification limits strategic implications. Investors should monitor any movement above 5 %, which would force a 13D and signal potential activism or strategic intent. For now, the disclosure mainly highlights institutional positioning and could marginally improve CM’s trading liquidity.
TL;DR – Cross-ownership between major Canadian banks may draw oversight but remains compliant.
BMO’s aggregate 4.94 % holding skirts the Canadian & U.S. 5 % reporting triggers for control considerations. The passive stance and dispersed subsidiary holdings reduce immediate antitrust or governance concerns. However, regulators typically scrutinize cross-ownership in concentrated banking markets; sustained or increased accumulation could invite additional disclosures or require divestiture under competition guidelines. Stakeholders should watch future filings for any transition to a 13D or movement by individual subsidiaries above 5 %.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many Canadian Imperial Bank of Commerce (CM) shares does Bank of Montreal own?
The BMO group reports ownership of 46,480,692 CM common shares.
What percentage of CM’s outstanding stock does this represent?
BMO’s holding equals 4.94 % of CM’s common shares.
Is the stake considered passive or active?
The Schedule 13G was filed under Rule 13d-1(b), indicating a passive investment intent.
Which BMO subsidiary holds the largest portion of the shares?
Bank of Montreal Holding Inc. owns about 30.42 million shares, or 3.23 % of the class.
What is the event date triggering this filing?
The report covers holdings as of 30 June 2025.
Could future purchases require a different filing?
Yes. Exceeding the 5 % threshold would require a Schedule 13D and additional disclosures.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
CANADIAN IMPERIAL BANK OF COMMERCE /CAN/
(Name of Issuer)
Common Shares
(Title of Class of Securities)
136069101
(CUSIP Number)
06/30/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
136069101
1
Names of Reporting Persons
Bank of Montreal
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
46,155,859.00
6
Shared Voting Power
251,482.00
7
Sole Dispositive Power
46,229,210.00
8
Shared Dispositive Power
251,482.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
46,480,692.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.94 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP No.
136069101
1
Names of Reporting Persons
BANK OF MONTREAL HOLDING INC.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
30,102,556.00
6
Shared Voting Power
251,482.00
7
Sole Dispositive Power
30,171,132.00
8
Shared Dispositive Power
251,482.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
30,422,614.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.23 %
12
Type of Reporting Person (See Instructions)
BK
SCHEDULE 13G
CUSIP No.
136069101
1
Names of Reporting Persons
BMO NESBITT BURNS INC. WEALTH MANAGEMENT
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
24,255,757.00
6
Shared Voting Power
246,533.00
7
Sole Dispositive Power
24,324,333.00
8
Shared Dispositive Power
246,533.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
24,570,866.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.61 %
12
Type of Reporting Person (See Instructions)
BD
SCHEDULE 13G
CUSIP No.
136069101
1
Names of Reporting Persons
BMO NESBITT BURNS SECURITIES LTD.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
68,576.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
68,576.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0 %
12
Type of Reporting Person (See Instructions)
BD
SCHEDULE 13G
CUSIP No.
136069101
1
Names of Reporting Persons
BMO PRIVATE INVESTMENT COUNSEL INC.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
765,668.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
765,668.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
765,668.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.08 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP No.
136069101
1
Names of Reporting Persons
BMO ASSET MANAGEMENT INC.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
ONTARIO, CANADA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
17,874,141.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
17,874,141.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
17,874,141.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
1.9 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP No.
136069101
1
Names of Reporting Persons
BMO NESBITT BURNS INC.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
5,851,748.00
6
Shared Voting Power
4,949.00
7
Sole Dispositive Power
5,851,748.00
8
Shared Dispositive Power
4,949.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,856,697.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.62 %
12
Type of Reporting Person (See Instructions)
BD
SCHEDULE 13G
CUSIP No.
136069101
1
Names of Reporting Persons
BMO FINANCIAL CORP.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
16,547.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
20,992.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
20,992.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP No.
136069101
1
Names of Reporting Persons
BMO BANK N.A.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
ILLINOIS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
16,547.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
16,639.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
16,639.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0 %
12
Type of Reporting Person (See Instructions)
BK
SCHEDULE 13G
CUSIP No.
136069101
1
Names of Reporting Persons
BMO FAMILY OFFICE, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
4,353.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,353.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
CANADIAN IMPERIAL BANK OF COMMERCE /CAN/
(b)
Address of issuer's principal executive offices:
81 BAY STREET, CIBC SQUARE, TORONTO, ONTARIO, CANADA
M5J 0E7
Item 2.
(a)
Name of person filing:
Bank of Montreal
BANK OF MONTREAL HOLDING INC.
BMO NESBITT BURNS INC. WEALTH MANAGEMENT
BMO NESBITT BURNS SECURITIES LTD.
BMO PRIVATE INVESTMENT COUNSEL INC.
BMO ASSET MANAGEMENT INC.
BMO NESBITT BURNS INC.
BMO FINANCIAL CORP.
BMO BANK N.A.
BMO FAMILY OFFICE, LLC
(b)
Address or principal business office or, if none, residence:
1 First Canadian Place
Toronto, Ontario, Canada
M5X1A1
(c)
Citizenship:
Bank of Montreal - CANADA (FEDERAL LEVEL)
BANK OF MONTREAL HOLDING INC. - CANADA (FEDERAL LEVEL)
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - CANADA (FEDERAL LEVEL)
BMO NESBITT BURNS SECURITIES LTD. - CANADA (FEDERAL LEVEL)
BMO PRIVATE INVESTMENT COUNSEL INC. - CANADA (FEDERAL LEVEL)
BMO ASSET MANAGEMENT INC. - ONTARIO, CANADA
BMO NESBITT BURNS INC. - CANADA (FEDERAL LEVEL)
BMO FINANCIAL CORP. - DELAWARE
BMO BANK N.A. - ILLINOIS
BMO FAMILY OFFICE, LLC - DELAWARE
(d)
Title of class of securities:
Common Shares
(e)
CUSIP No.:
136069101
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
46,480,692
(b)
Percent of class:
4.94 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Bank of Montreal - 46,155,859
BANK OF MONTREAL HOLDING INC. - 30,102,556
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 24,255,757
BMO NESBITT BURNS SECURITIES LTD. - 0
BMO PRIVATE INVESTMENT COUNSEL INC. - 765,668
BMO ASSET MANAGEMENT INC. - 17,874,141
BMO NESBITT BURNS INC. - 5,851,748
BMO FINANCIAL CORP. - 16,547
BMO BANK N.A. - 16,547
BMO FAMILY OFFICE, LLC - 0
(ii) Shared power to vote or to direct the vote:
Bank of Montreal - 251,482
BANK OF MONTREAL HOLDING INC. - 251,482
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 246,533
BMO NESBITT BURNS SECURITIES LTD. - 0
BMO PRIVATE INVESTMENT COUNSEL INC. - 0
BMO ASSET MANAGEMENT INC. - 0
BMO NESBITT BURNS INC. - 4,949
BMO FINANCIAL CORP. - 0
BMO BANK N.A. - 0
BMO FAMILY OFFICE, LLC - 0
(iii) Sole power to dispose or to direct the disposition of:
Bank of Montreal - 46,229,210
BANK OF MONTREAL HOLDING INC. - 30,171,132
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 24,324,333
BMO NESBITT BURNS SECURITIES LTD. - 68,576
BMO PRIVATE INVESTMENT COUNSEL INC. - 765,668
BMO ASSET MANAGEMENT INC. - 17,874,141
BMO NESBITT BURNS INC. - 5,851,748
BMO FINANCIAL CORP. - 20,992
BMO BANK N.A. - 16,639
BMO FAMILY OFFICE, LLC - 4,353
(iv) Shared power to dispose or to direct the disposition of:
Bank of Montreal - 251,482
BANK OF MONTREAL HOLDING INC. - 251,482
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 246,533
BMO NESBITT BURNS SECURITIES LTD. - 0
BMO PRIVATE INVESTMENT COUNSEL INC. - 0
BMO ASSET MANAGEMENT INC. - 0
BMO NESBITT BURNS INC. - 4,949
BMO FINANCIAL CORP. - 0
BMO BANK N.A. - 0
BMO FAMILY OFFICE, LLC - 0
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
See Documents.
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any syndicate or group with respect to the issuer or any securities of the issuer.
Item 9.
Notice of Dissolution of Group.
Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5.
Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any syndicate or group with respect to the issuer or any securities of the issuer.
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
