FirstCaribbean International Bank will acquire two regional companies, CIBC Bank and Trust Company based in Cayman, and CIBC Trust Company in the Bahamas, from its parent in a shares-only transaction that will result in a marginal uptick of CIBC’s holdings in the regional banking group.
The transaction will see FirstCaribbean issuing 51,917,808 common shares to CIBC Investments Cayman Limited, the vehicle used by ultimate parent, CIBC of Canada, to hold its regional banking assets. It will push CIBC’s interest in FirstCaribbean up from 91.39 per cent to 91.67 per cent, representing improved shareholdings of 1.445 billion units of the 1.525 billion in issue.
The deal is worth US$76.8 million. Its closing is subject to regulatory approval.
