CIBC AND GNB FINANCIAL GROUP LIMITED REACH AGREEMENT FOR PURCHASE OF SHARES IN FIRSTCARIBBEAN INTERNATIONAL BANK LIMITED
CIBC today announced that they have reached agreement on the purchase of a portion of CIBC’s shares in its Caribbean entity, First Caribbean International Bank Limited (“First Caribbean”) by GNB Financial Group Limited. (“GNB”). GNB will purchase 66.73% of the shares of First Caribbean, subject to the approval of local regulators, while CIBC will retain a 24.9% interest in the Caribbean bank.
“First Caribbean is a strong, well-performing business that continues to grow across the region. First Caribbean 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, First Caribbean.
“First Caribbean 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 First Caribbean 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.
First Caribbean 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 capitalisation of US$2.1 billion, as at 31st July 2019. First Caribbean also has a representative office in Hong Kong providing business development, relationship management and fund administration.