‘Bank buyout’

The Barbados-based CIBC FirstCaribbean International Bank is about to be acquired by Colombian billionaire Jaime Gilinski, according to media reports out of Bogotá.

According to the Peruvian newspaper La República, “The Gilinski Group led by Jaine Galinski remains active in terms of purchases in terms of the financial sector. The holding
company with presence in several markets will now expand its field of operation as it will acquire the First Caribbean International Bank that has a presence in 16 Caribbean countries.”

Details of the acquisition are expected to emerge next week.

In a brief comment to Barbados TODAY about the development, CIBC said: “CIBC FirstCaribbean International Bank Limited is a strong, well-performing business that continues to grow across the region. As a publicly-traded company in the Caribbean, there has always been investor interest in our bank.

“Our focus is on enhancing our long-term growth prospects while creating value for our clients, shareholders, and other stakeholders. If and when decisions are made about our business, we’ll advise our stakeholders as appropriate.”

CIBC FirstCaribbean is a subsidiary of the Toronto-based Canadian Imperial Bank of Commerce (CIBC), which became majority shareholder in the organization at the end of 2006.