March 14, 2006
Canadian Imperial Bank of Commerce (CIBC) announced that it is to take cont
Canadian Imperial Bank of Commerce (CIBC) announced that it is to take control of FirstCaribbean International Bank by doubling its stake to 87.4%. It plans to buy an extra 43.7% from Barclays PLC for about $1.08 billion. BCM and Barclays created FirstCaribbean, now the largest bank in the English-speaking Caribbean region, in 2002 when they merged their Caribbean operations. FirstCaribbean has assets of $9.6 billion and a market value of $3.3 billion.