Canadian Imperial Bank of Commerce (CIBC) has announced that the transaction that would have seen GNB Financial Group Limited acquire a majority stake in FirstCaribbean International Bank Limited 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,” said Colette Delaney, CEO of FirstCaribbean.

“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.”

Delaney added: “FirstCaribbean is a strong, well-run bank which is adjusting sensibly to the economic reality of the pandemic and is well-positioned to recover as the economies of the region recover. We remain laser focused on delivering on our strategy – providing our clients with first class service through a modern everyday banking experience and providing our employees with the best possible work experience.”

The CEO noted that CIBC FirstCaribbean is a relationship bank offering a full range of market leading financial services through its corporate and investment banking, retail and business bnking and wealth management segments.

The bank is located in 16 countries around the Caribbean, providing banking services through approximately 2,900 employees in 64 branches and offices.

FirstCaribbean is one of the largest regionally listed financial services institutions in the English and Dutch-speaking Caribbean, with US$12 billion in assets and market capitalisation of US$2 billion.