CIBC: ‘Business As Usual’ For Bahamas Despite Regional Sale

• CIBC FirstCaribbean yesterday said it was “business as usual” for its Bahamas operations despite its move to exit five smaller regional jurisdictions. 
• In a sign that the Canadian-owned commercial bank has reverted to ‘Plan B’ following the February 2021 break-up of its deal to sell a controlling 66.73 percent equity stake to the Colombia-headquartered GNB Financial Group, CIBC announced that it has agreed to sell its operations in St Vincent, Grenada, Dominica and St. Kitts to a consortium of local banks. 
• They are The Bank of St. Vincent and the Grenadines; Grenada Co-Operative Bank; National Bank of Dominica; and St Kitts Nevis Anguilla National Bank. In addition, Aruba bank is acquiring its assets in that nation, with all transactions subject to regulatory approval. 
• Colette Delaney, CIBC’s chief executive, said in a statement: “These transactions enable FirstCaribbean to optimise and simplify its business, further enhance efficiency and focus on core markets to accelerate growth”.

(Source: The Tribune)