Canadian Imperial Bank of Commerce (CIBC) FirstCaribbean International announced today Friday that they have reached an agreement on the purchase of a portion of the bank’s shares in its Caribbean entity by GNB Financial Group Limited.
In a press statement released today Friday, the bank said the group out of Colombia 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 Caribbean bank.
The acquisition includes locations in 16 Caribbean countries including the Barbados headquarters, Antigua, Aruba, Bahamas, Cayman, Curacao and Dominica.
Chief Executive Officer of FirstCaribbean Colette Delaney said the Bank is a strong, well-performing business that continues to grow across the region.
“FirstCaribbean remains laser focused on delivering on its strategy – providing its clients with first class service through a modern everyday banking experience and providing its employees with the best possible work experience” Delaney said.
Jaime Gilinski, Chairman of GNB Financial Group Limited said the Bank will remain the strong entity it is today, committed to servicing its clients in the region. “I have been impressed by the strength and stability of FirstCaribbean and am excited about its prospects for the future.”
The Gilinski Group has banking operations in Colombia, Peru, Paraguay, Panama, and Cayman Islands with approximately US $15 billion in combined assets.