CIBC Acquires Stake in First Caribbean Bank

27 Dec 2006

FirstCaribbean International Bank Limited announced that CIBC has purchased 599,401,230 shares of FirstCaribbean under the previously announced plans to acquire Barclays Bank’s 43.7 per cent ownership in the regional financial institution.Under its agreement with CIBC, Barclays will have the option to tender all or a portion of its remaining 66, 600,137 FirstCaribbean shares under that offer. Both CIBC and First C’bbean are committed to maintaining a strong minority ownership that they expect to grow in the future.

“We are pleased to have concluded this part of the transaction successfully. We look forward to participating in the future growth of FirstCaribbean in this dynamic region” said Gerry McCaughey. - CIBC’s President and CEO

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