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Bahamas: CIBC acquisition called off as regulators deny approval

NASSAU, BAHAMAS — CIBC today 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 it did not receive approval from FirstCaribbean’s regulators.

In a statement, Colette Delaney, CEO, FirstCaribbean, said: “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 of our clients.”

She 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.”

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