Li Ka-shing, the richest man in Asia, announced his intention to sever his decades-old relationship with Canadian Imperial Bank of Commerce (CIBC) be selling his 4.9% stake in the bank to transfer the money later on to his charitable foundations

The proceeds from the sales of 17 million shares will total C$1.2 billion ($1 billion). CIBC said they will buy the stake from Mr. Li that was valued at C$1.2 blilion based on yesterday’s closing price on the Toronto Stock Exchange.

CIBC says the bank itself will buy back up to 6 million shares transferring the rest to institutional investors. Canadian Imperial is expected to buy back up to 15 million shares this year, as compared to 19 million repurchased in 2004.

The bank said in a statement that Mr. Li’s exit was conditioned exclusively by his preoccupation with his charity activities and his plans to donate money to a recently founded institution that will offer funds for the development of such areas as education, medical care, poverty relief and cultural and religious programs.