CIBC
remains significant shareholder as new entity chaired by Jaime
Gilinski acquires majority stake; both parties committed to continued
growth for FirstCaribbean

8th
November 2019, Bridgetown, Barbados.
CIBC today announced that they have reached agreement on the purchase
of a portion of CIBC’s shares in its Caribbean entity,
FirstCaribbean International Bank Limited (“FirstCaribbean”) by
GNB Financial Group Limited. (“GNB”). 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.

“FirstCaribbean
is a strong, well-performing business that continues to grow across
the region. FirstCaribbean remains laser focused on delivering
on its strategy – providing its clients with first class service
through a modern everyday banking experience and providing its
employees with the best possible work experience,” said Colette
Delaney, CEO, FirstCaribbean.

“FirstCaribbean
will remain the strong entity it is today, committed to servicing its
clients in the region,” said Jaime Gilinski, Chairman of GNB
Financial Group Limited. “I have been impressed by the strength and
stability of FirstCaribbean and am excited about its prospects for
the future.”

GNB
is wholly owned by Starmites Corporation S.ar.L, 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.

FirstCaribbean
is one of the largest regionally listed financial services
institutions in the English and Dutch speaking Caribbean, with
US$11.5 billion in assets and market capitalization of US$2.1
billion, as at 31st
July 2019. FirstCaribbean also has a representative office in Hong
Kong providing business development, relationship management and fund
administration.

About
FirstCaribbean

FCIB
is a leading financial institution operating throughout the English
and Dutch-speaking Caribbean with a strong balance sheet and
regionally-leading digital banking capabilities. FCIB’s team,
extensive branch network, ongoing investments in technology and
unwavering client focus are competitive differentiators that enable
it to maintain its leadership in the Caribbean banking sector.

For
more information about CIBC FirstCaribbean, visit www.cibcfcib.com
,
Facebook, Twitter
, LinkedIn,
Instagram
or YouTube.