CIBC has over $200 million exposure to Enron

The Canadian Imperial Bank of Commerce (CIBC) has total exposures of US$215 million to Enron, the group said today.

US$100 million of the debt is in the form of unsecured loans, letters of credit and derivatives, while the remaining US$115 million is said to be secured. The statement follows an announcement on November 26 that credit provisions for 2002 are expected to be 10% higher than this year’s.

CIBC declined to comment on how the potential loss could affect the group’s financial strength.

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