CIBC to sell majority stake in FirstCaribbean to GNB Financial for US$797M

TORONTO - CIBC has agreed to sell a large portion of its investment in CIBC FirstCaribbean to GNB Financial Group Ltd. for US$797 million.

Upon closing of the transaction in 2020, GNB will own 66.7 per cent of FirstCaribbean's equity, while CIBC will retain 24.9 per cent.

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