Grupo Gilinski acquires CIBC's Caribbean business

Grupo Gilinski acquires CIBC's Caribbean business

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Colombia's Grupo Gilinski has agreed to pay $797 million for 66.7% of CIBC's subsidiary in the Caribbean, FirstCaribbean, in a deal that values the bank at $1.2 billion.GNB Financial Group, part of Grupo Gilinski's financial holding company Starmites Corporation, will pay $200 million in cash and cover the rest of the acquisition with financing from CIBC, the Canadian bank said in a statement.CIBC will hold on to 24.9% of FirstCaribbean. The transaction is scheduled to close next year, CIBC said

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