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CIBC reaches deal for purchase of some of its FirstCaribbean shares

CIBC on Friday announced that they have reached an agreement on the purchase of a portion of CIBC's shares in FirstCaribbean International Bank Limited by GNB Financial Group Limited. 
 
GNB will purchase 66.73% of the shares of FirstCaribbean, subject to the approval of local regulators, while CIBC will retain a 24.9% interest in the Caribbean bank. 
 
GNB is wholly owned by Starmites Corporation, 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.
 


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