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.
The Trinidad and Tobago Stock Exchange Limited
Wednesday 03 February 2021