CIBC Caribbean
Parent CIBC (Canadian Imperial Bank of Commerce) | | |
Website | www |
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CIBC Caribbean is a financial services company based in
History
Prior to 2002, the operations of what is now CIBC Caribbean were run as the separate businesses of Barclays Bank and CIBC West Indies, part of CIBC's group of companies. Barclays had been active in the region since 1836 and CIBC's foray into the region began with branches in Jamaica in 1920.[5]
In March 2006, CIBC officials announced their intention of buying majority control of their publicly held
On March 13, 2006, CIBC and Barclays announced that they had signed a non-binding letter of intent enabling CIBC to acquire 43.7% of the shares of FCIB from Barclays. Upon completion of the transaction, CIBC's ownership was to increase to approximately 87.4% of FCIB.
CIBC announced on 22 December 2006 that it had purchased 599,401,230 shares of FirstCaribbean from Barclays for US$988,652,389 (representing US$1.62 per share plus accrued but unpaid dividends). Barclays also retained their option to tender all or a part of the remaining holdings of 66,600,137 shares. Thereafter, CIBC proceeded with a mandatory purchase offer to all remaining shareholders at US$1.62 per share and wound up holding 91.5% of First Caribbean International Bank.
CIBC Caribbean is not the only Canadian controlled bank in the region: Scotiabank, and the Royal Bank of Canada also have extensive commercial banking businesses in the region and treat the region as a native market.
Cancelled plans for United States IPO (2018)
In March 2018, CIBC announced that it had filed a Registration Statement on Form F-1 with the United States Securities and Exchange Commission relating to a proposed initial public offering (IPO) in the United States of CIBC FirstCaribbean's common shares on the New York Stock Exchange.[9] Through the IPO, CIBC would divest itself of most of its 91.5% stake in FCIB to refocus capital and management resources on its other North American operations.[10]
Due to a lack of interest in the American markets for CIBC's share, for "US$240-million by offering 9.6 million shares",[5] the application for an IPO was withdrawn by CIBC on April 19, 2018.[2]
Regulatory failure for proposed sale to GNB (2021)
CIBC, which owned in February 2021 nearly 92 per cent of FCIB, announced in late 2019 a transaction by which it would sell its share in FCIB to "
Locations
CIBC Caribbean has branches in the following Caribbean countries and territories:[11]
Offshore
As well as providing financial services to residents of the Caribbean countries where it operates, CIBC Caribbean is also a provider of offshore financial services to non-residents.
Membership
CIBC Caribbean is a member of various
- MasterCardWorldwide
- VISAInternational
- Maestro ATM Network
- CarIFS ATM Network
- MultiLink Network ATM network[12]
CIBC Caribbean is listed on the Barbados Stock Exchange and the Trinidad and Tobago Stock Exchange;[13] and was formerly listed on the, Jamaica Stock Exchange, Bahamas Securities Exchange, and Eastern Caribbean Securities Exchanges.
See also
- List of banks in the Americas
- Republic Bank - previously divested stake in Canadian Imperial Bank of Commerce (West Indies) Holdings Limited in 1994
References
- ^ "Annual Report (2017), $157 million (2010)" (PDF). FirstCaribbean Group.
- ^ a b c Bradshaw, James (April 19, 2018). "CIBC abandons plans to list its Caribbean bank on U.S. stock markets". The Globe and Mail. Archived from the original on April 20, 2018. Retrieved October 9, 2018.
- Barbados Advocate. 21 June 2011. Archived from the originalon 2012-03-26. Retrieved 22 June 2011.
- ^ "Introducing CIBC Caribbean - Bank evolving, adapting | Loop Barbados". Loop News. Retrieved 2024-01-31.
- ^ a b c d Bradshaw, James (4 January 2021). "CIBC's sale of Caribbean business blocked over regulator's concerns about risk in ownership change". The Globe and Mail Inc.
- ^ "Caribbean Net News: Barclays to sell stake in FirstCaribbean for 1.08 billion dollars". Archived from the original on 2007-06-09. Retrieved 2007-06-15.
- ^ "The Trinidad Guardian -Online Edition Ver 2.0". Archived from the original on 2007-06-22. Retrieved 2007-06-15.
- ^ "SKNVibes - CIBC announces definitive agreement to acquire majority stake in FirstCaribbean International Bank". www.sknvibes.com.
- ^ Tilak, John; Scuffham, Matt (December 12, 2017). "Canada's CIBC plans U.S. listing of $2 billion Caribbean unit - sources". Reuters. Retrieved October 9, 2018.
- ^ Joseph, Emmanuel (April 5, 2018). "CIBC leaving". Barbados Today. Retrieved October 9, 2018.
- ^ Map of CIBC operations in the Caribbean & Latin America
- ^ "Home". multilinkdebit.com.
- ^ FCI listing - Barbados Stock Exchange
External links
News and articles
- FirstCaribbean continues to work with regional unions - June 15, 2007: Barbados Advocate
- FirstCaribbean’s finally share tally: CIBC 92%, other shareholders 8% - May 10, 2007: The Broad Street Journal online
- FirstCaribbean to invest US$9m in new Barbados Bank Business Centre - July 4, 2006: Barbados Advocate
- CIBC takes control - March 20, 2006: Trinidad and Tobago Express
- 'Excellent year' for First Caribbean - December 23, 2005: Jamaica Observer daily news
- ABN AMRO’s banking operations in Curaçao to join with FirstCaribbean International Bank - November 24, 2005: Caribbean Net News
- FirstCaribbean exceeds US$4 billion loan mark - Thursday, April 28, 2005: Caribbean Net News