CIBC FirstCaribbean International Bank

CIBC FirstCaribbean International Bank (FCIB) (TTSE: FCI), (BSE: FCI) is a publicly held Caribbean financial services company based in Barbados. Formed in 2002 as a merge the Caribbean operations of Barclays Bank PLC and Canadian Imperial Bank of Commerce (CIBC), in March 2006 both CIBC and Barclays announced that Barclays wished to exercise their option to exit the Caribbean venture completely resulting in CIBC gaining majority-control of the bank. in June 2011 it was announced the bank would be renamed CIBC FirstCaribbean Bank "to be more closely aligned to the CIBC brand, while still maintaining the FirstCaribbean name and local identity."

History

Prior to 2002, the operations of what is now FirstCaribbean 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 1837 and CIBC's foray into the region began with branches in Jamaica in 1920.

In March 2006, CIBC officials announced their intention of buying majority control of their publicly held Caribbean joint venture the FirstCaribbean International Bank. The deal costing just over US$1billion (Bds$2 billion) would purchase the current 43.7% owned by Barclays Bank PLC and would raise CIBC's current ownership to 87.4%, from 43.7%. Upon closure of the deal, the top four Caribbean commercial banks would be consolidated merely to a top three, with those being Scotiabank, the FirstCaribbean International Bank, and the Royal Bank of Canada with a possible distant fourth-place bank varying in each territory. Following the deal, the regional head-office for FCI is expected to remain located in Barbados, with that regional centre continuing to report to the Toronto CIBC head-office. , , (Final agreement for sale).

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CIBC FirstCaribbean International Bank

History

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