CIBC Confirms Intention To Sell FirstCaribbean Operations

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Basseterre, St. Kitts, November 11, 2019 (FREEDOM)

Canadian Imperial Bank of Commerce CIBC on Friday confirmed that it has reached an agreement to sell the majority shares of its Caribbean entity FirstCaribbean International Bank to GNB Financial Group Ltd.According to a press release from CIBC FirstCaribbean International Bank, CIBC remains a significant shareholder as new entity chaired by Jaime Gilinski acquires majority stake; and both parties committed to continued growth for FirstCaribbean.

The release stated that GNB will purchase 66.73% of the shares of FirstCaribbean, subject to the approval of local regulators, while CIBC will retain a 24.9% interest in the bank.GNB Financial Group, reported to be worth $26 billion, forms part of the business conglomerate of Colombian billionaire Jaime Gilinski Bacal.FirstCaribbean Bank, which is headquartered in Barbados, says it has over 2,700 staff, and 57 full service branches in its 16 regional markets; it operates two branches in St. Kitts and Nevis.

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