FCIB majority interest sale pending

FCIB majority interest sale pending
Deputy Prime Minister and Minister of Finance Peter Turnquest

NASSAU, BAHAMAS-  Government has been advised that a sale of the majority interest in CIBC First Caribbean International Bank (FCIB) is pending Deputy Prime Minister and Minister of Finance K Peter Turnquest confirmed yesterday.Turnquest told Eyewitness News, “We have been advised that a sale of the majority interest may be pending.”

Central Bank Governor John Rolle declined to comment on the matter during his quarterly press briefing yesterday. “I can’t comment on that yet,” said Governor Rolle.

CIBC FirstCaribbean International Bank is reportedly to be acquired by Colombian billionaire Jaime Gilinski, according to media reports. According to the Peruvian newspaper La República, the Gilinski Group led by billionaire banker and real-estate developer Jaine Galinski plans to acquire the regional banking arm of CIBC FirstCaribbean. The Gilinski Group reportedly aims to acquire 70 per cent of CIBC FirstCaribbean for US$2.2 billion.

CIBC FirstCaribbean describes itself as the largest chain of banks in the English- and Dutch-speaking Caribbean with more than US$1.2 billion in equity and US$11.5 billion in total assets up to July 2019. The bank has more than 2,700 staff, 57 branches, 22 banking centres, and seven offices in 16 regional markets. CIBC FirstCaribbean operates 11 branches, 47 Instant Tellers, an International Banking Centre, a Mortgage and Loans Centre and a Capital Markets Office in The Bahamas.

CIBC First Caribbean’s said in a statement sent via its Director of Corporate Communications Debra King to Eyewitness News Online, “CIBC FirstCaribbean International Bank Limited is a strong, well-performing business that continues to grow across the region. As a publicly-traded company in the Caribbean, there has always been investor interest in our bank.

Our focus is on enhancing our long-term growth prospects while creating value for our clients, shareholders, and other stakeholders. If and when decisions are made about our business, we’ll advise our stakeholders as appropriate.”