FCIBC majority share sale finalized

FCIBC majority share sale finalized
NASSAU, BAHAMAS – CIBC announced today that it has reached an agreement on the purchase of a portion of CIBC’s shares in its Caribbean entity, FirstCaribbean International Bank Limited (“FirstCaribbean”) by GNB Financial Group Limited.
According to a statement released by the bank, GNB will purchase 66.73 per cent of the shares of FirstCaribbean, subject to the approval of local regulators, while CIBC will retain a 24.9 per cent interest in the Caribbean bank.
“FirstCaribbean 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,” said Colette Delaney, CEO, FirstCaribbean.
“FirstCaribbean will remain the strong entity it is today, committed to servicing its clients in the region,” said Jaime Gilinski, Chairman of GNB Financial Group Limited.
“I have been impressed by the strength and stability of FirstCaribbean and am excited about its prospects for the future.”
GNB is wholly owned by Starmites Corporation S.ar.L, the financial holding company of the Gilinski Group. The Gilinski Group has banking operations in Colombia, Peru, Paraguay, Panama, and Cayman Islands with approximately US $15 billion in combined assets.
FirstCaribbean is one of the largest regionally listed financial services institutions in the English and Dutch speaking Caribbean, with US$11.5 billion in assets and market capitalization of US$2.1 billion, as at 31st July 2019.
FirstCaribbean also has a representative office in Hong Kong providing business development, relationship management and fund administration.
Deputy Prime Minister and Minister of Finance K Peter Turnquest confirmed to Eyewitness News earlier this week the government had been advised that a sale of the majority interest was pending.