PURCHASE OF SHARES IN FIRSTCARIBBEAN INTERNATIONAL BANK LIMITED BY GNB FINANCIAL GROUP LIMITED FROM CIBC WILL NOT PROCEED. | SMN NEWS

~CIBC remains majority shareholder in FirstCaribbean~

Canadian Imperial Bank of Commerce (“CIBC”) today 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 ...

To read more: https://www.smn-news.com/st-maarten-st-martin-news/36718-purchase-of-shares-in-firstcaribbean-international-bank-limited-by-gnb-financial-group-limited-from-cibc-will-not-proceed.html