Canada's CIBC has acquired a majority stake in FirstCaribbean International Bank after buying the 43.7% share owned by Barclay's Bank. CIBC paid $988.6 million in cash, or $1.62 per share. The Canadian bank said it will now push forward with its planned mandatory offer to all shareholders in FirstCaribbean at the same price of $1.62 per share plus accrued but unpaid dividends. CIBC's agreement with Barclays allows the UK bank the option to tender all or a portion of its remaining FirstCaribbean shares under that offer. FirstCaribbean was formed in 2002 when CIBC merged its Caribbean operations with those of Barclays'. It is now the largest regionally listed bank in the English-speaking Caribbean with assets of around $12.4 billion, according to CIBC.