CIBC and GNB Financial Group Limited Reach Agreement for Purchase of shares in First Caribbean International Bank Limited. | SMN News

CIBC remains significant shareholder as new entity chaired by Jaime Gilinski acquires majority stake; both parties committed to continued growth for FirstCaribbean

Bridgetown, Barbados:— CIBC today announced that they have reached 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. (“GNB”). GNB will purchase 66.73% of the shares of FirstCaribbean, subject to the approval of local regulators, while CIBC will retain a 24.9% interest in the Caribbean bank.

“FirstCaribbean is a strong, well-performing business that continues

To read more: http://www.smn-news.com/st-maarten-st-martin-news/33246-cibc-and-gnb-financial-group-limited-reach-agreement-for-purchase-of-shares-in-first-caribbean-international-bank-limited.html