CIBC announces sale of shares

Source:www.caymanreporter.com

In an official release yesterday, Canadian Imperial Bank of Commerce (CIBC) stated that it has a reached an agreement to sell a portion of its shares in its Caribbean entity, FirstCaribbean International Bank Limited (“FirstCaribbean”) to Colombian group GNB Financial Group Limited.

The press release disclosed that, “GNB will purchase 66.73 percent of the shares of FirstCaribbean, subject to the approval of local regulators, while CIBC will retain a 24.9 percent interest in the Caribbean bank.”

This comes just a few days after Prime Minister Gaston Browne said that his government will deny the vesting order for the bank if it does not abide by the government’s policy of ‘first right of refusal’ by local banks.

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