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Financial News

Feb 2021 Financial News

FCI - Notice of Material Change - Purchase of Shares in FCI by GNB Financial Group from CIBC will not proceed

Feb 03, 2021

Canadian Imperial Bank of Commerce (“CIBC”) announced that the transaction that would have seen GNB Financial Group Limited acquire a majority stake in FirstCaribbean International Bank Limited (“FirstCaribbean”) will not proceed as the transaction did not receive approval from FirstCaribbean’s regulators.                                                               

“While this transaction would have supported FirstCaribbean’s long-term growth prospects, it is only one way of supporting growth for our bank going forward. CIBC has held a majority ownership stake in FirstCaribbean for a number of years, and there exists an excellent working relationship with a shared focus on meeting the needs of our clients” said Colette Delaney, CEO, FirstCaribbean.


Source:
The Trinidad and Tobago Stock Exchange Limited
Wednesday 03 February 2021