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CIBC announces sale of shares

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In an official release yesterday, Canadian
Imperial Bank of Commerce (CIBC) stated that it has a reached an agreement to
sell a portion of its shares in its Caribbean entity, FirstCaribbean
International Bank Limited (“FirstCaribbean”) to Colombian group GNB Financial
Group Limited.

The press release disclosed that, “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.”

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This comes just a few days after Prime Minister Gaston Browne said that his government will deny the vesting order for the bank if it does not abide by the government’s policy of ‘first right of refusal’ by local banks.

Read more in todays newspaper

The post CIBC announces sale of shares appeared first on Antigua Observer Newspaper.

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