Purchase of shares of FirstCaribbean International Bank Limited by GNB Financial Group Limited from CIBC will not take place
CIBC remains majority shareholder of FirstCaribbean
BRIDGETOWN – The Canadian Imperial Bank of Commerce (“CIBC”) announced today that the transaction which would have seen GNB Financial Group Limited acquire a controlling interest in FirstCaribbean International Bank Limited (“FirstCaribbean”) will not proceed as transaction n has not received approval from FirstCaribbean regulators.
“While this transaction would have supported FirstCaribbean’s long-term growth prospects, it is only one way to support our bank’s growth going forward. CIBC has had a controlling interest in FirstCaribbean for a number of years, and there is an excellent working relationship with a common goal of meeting the needs of our clients, ”said Colette Delaney, CEO, FirstCaribbean.
“FirstCaribbean is a strong, well-managed bank that is adapting wisely to the economic reality of the pandemic and is well positioned to recover as the region’s economies recover. We remain focused on executing our strategy – providing our clients with first class service through a modern day-to-day banking experience and providing our employees with the best possible work experience.
CIBC FirstCaribbean is a full-service, full-service relationship bank of leading financial services through our Commercial and Investment Banking, Retail and Commercial Banking and Wealth Management segments. The bank has operations in sixteen (16) Caribbean countries, providing banking services through approximately 2,900 employees in 64 branches and offices. CIBCFCIB is one of the largest regionally listed financial services institutions in the English and Dutch speaking Caribbean, with assets of US $ 12 billion and a market capitalization of US $ 2 billion.