08/29/2013 05:42 EDT | Updated 10/29/2013 05:12 EDT

CIBC declares dividend; plans to buy back up to 8 million shares

TORONTO - CIBC (TSX:CM) says it intends to begin a new normal course issuer bid, subject to the approval of the Toronto Stock Exchange.

Under the bid, CIBC says it plans to repurchase for cancellation up to eight million common shares, representing about two per cent of the bank's total.

CIBC's previous normal course issuer bid began on Sept. 7, 2012 and expires next week on Sept. 6.

Over the term of the bid, CIBC purchased 7.8 million of its common shares for cancellation at an average price of $80.62 per share.

CIBC also announced early Thursday that its board has declared a dividend of 96 cents per share on common shares for the third quarter payable on Oct. 28, 2013.

Shares in the bank, which was to report its third quarter earnings later Thursday morning, closed Thursday at $80.44.

Note to readers: This is a corrected story. A previous version wrongly stated that the bank increased its dividend and said earnings were reported on Friday.