CIBC - Dominica Island Blog: Sharing Every Dominican Moment with the World

18 Jan 2007

CIBC interested in further expansion in the C’bbean

Written by Chris in Caribbean News No Comments →

Canadian Imperial Bank of Commerce (CM.TO: Quote, Profile , Research) is interested in further expansion in the Caribbean. The bank recently took a large chuck of First Caribbean Bank B’dos hq.

Presently, the bank is scouting for potential acquisition opportunities in the Caribbean, as CIBC is sitting on vast amounts of excess capital for the next three years. CIBC made no indication on winch will be the suitable (audition) Targets …….and by suitable CIBC means:

Hitting the banks criteria
Right value point
Strategic rationale

Tagged with: Bank, Banking Services, Banks and Institutions, Business, Canadian Imperial Bank of Commerce, CIBC, Financial Services, United States

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27 Dec 2006

CIBC Acquires Stake in First Caribbean Bank

Written by Chris in Dominica News No Comments →

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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