CIBC Raises Majority Stake in FirstCaribbean

Canada’s CIBC has increased its majority stake in FirstCaribbean International Bank to 91.49% after tendering for the remaining shares in the bank. At the end of last year, CIBC bought the 43.7% share owned by Barclay’s Bank for $988.6 million in cash. The Canadian bank then made a mandatory offer to all shareholders. FirstCaribbean, which is now the largest regionally listed bank in the English-speaking Caribbean, is also rumored to be interested in taking a stake in Royal Bank of Trinidad, perhaps as a precursor to a merger.