Majority FirstCaribbean shares sold to GNB Financial Group Limited
Controlling shares of FirstCaribbean have been sold to GNB Financial Group Limited.
In a statement, CIBC said GNB will purchase 66.73 percent of the shares of FirstCaribbean, subject to the approval of local regulators, while CIBC will retain a 24.9 percent interest in the Caribbean bank.
“FirstCaribbean is a strong, well-performing business that continues to grow across the region. FirstCaribbean remains laser-focused on delivering on its strategy – providing its clients with first-class service through a modern everyday banking experience and providing its employees with the best possible work experience,” said Colette Delaney, CEO, FirstCaribbean.
“FirstCaribbean will remain the strong entity it is today, committed to servicing its clients in the region,” said Jaime Gilinski, Chairman of GNB Financial Group Limited. “I have been impressed by the strength and stability of FirstCaribbean and am excited about its prospects for the future.”
GNB is wholly owned by Starmites Corporation S.ar.L, the financial holding company of the Gilinski Group. The Gilinski Group has banking operations in Colombia, Peru, Paraguay, Panama, and Cayman Islands with approximately US $15 billion in combined assets.
FirstCaribbean is one of the largest regionally listed financial services institutions in the English and Dutch speaking Caribbean, with US$11.5 billion in assets and market capitalisation of US$2.1 billion, as at July 31, 2019.
FirstCaribbean also has a representative office in Hong Kong providing business development, relationship management and fund administration