CIBC Halts US$797 Million Caribbean Sale as Regulators Reject Deal
Canadian Imperial Bank of Commerce is now stuck with a business that had been declining in value
@business
Canadian Imperial Bank of Commerce is now stuck with a business that had been declining in value
@business
#CIBC announced the sale of the two-thirds stake in CIBC FirstCaribbean to a company run by Colombian billionaire Jaime Gilinski in Nov 2019
The deal, would have left CIBC with a 25% stake in the #Barbados-based bank. This valued FCIB at about US$1.2 billion, less than half of its $2.8 billion value when CIBC took over most of the business.
CIBC has already tried other ways of creating value for shareholders, which also fell through
The bank attempted to list FirstCaribbean on U.S. stock markets in 2018, looking to raise as much as US$240m by offering 9.6 million shares @globeandmail
#financetwitterja
The bank attempted to list FirstCaribbean on U.S. stock markets in 2018, looking to raise as much as US$240m by offering 9.6 million shares @globeandmail
#financetwitterja
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