Can an IB team within a bank contribute to their own M&A activity?

My gut tells me no due to the conflict of interest, but even if they can't execute the deal, can they perform some type of fairness opinion or conduct preliminary due diligence on the acquisition target? Or would everything have to be done by an independent advisor?

i.e. CIBC looking to acquire Private Bancorp, can either bank's IB teams participate in the deal? If so, how common is this practice?

Side question: Do you know of an instance where a bank has been able to win a mandate from a client that has had another"go-to" bank?

 

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