Canadian Imperial Bank of Commerce has agreed to purchase a minority stake in American boutique investment firm Loop Capital.

Loop, based out of Chicago, provides investment banking, brokerage and wealth management services to corporations and high net worth individuals. It has more than 175 employees spread across 20 U.S. cities. 

"We are excited to partner with Loop Capital to further expand in key client segments and markets in the U.S.," Harry Culham, head of capital markets for CIBC, said in a news release. 

"With the combination of Loop Capital's deep client relationships in the U.S. and the strength of our resources and capabilities, we see this as a mutually beneficial transaction which enables us to accelerate the growth of our North American platform, while collaborating to deliver a full suite of financial services solutions to clients."

For the Toronto-based lender, the deal marks another push into the booming U.S. investment banking sector, following its recent purchases of Cleary Gull, PrivateBankcorp and Lowenhaupt Global Advisors.

Financial terms of this latest deal were not disclosed.