Talk:CIBC Caribbean

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To be worked into this article for historical background on the buyout.

From the CIBC article:

In March 2006, CIBC officials announced their intention of buying majority control of their publicly held Caribbean joint venture the FirstCaribbean International Bank. The deal costing just over US$1billion (Bds$2 billion) would purchase the current 43.7% owned by Barclays Bank PLC and would raise CIBC's current ownership to 87.4%, from 43.7%. Upon closure of the deal, the top four Caribbean commercial banks would be consolidated merely to a top three, with those being Scotiabank, the FirstCaribbean International Bank, and the Royal Bank of Canada with a possible distant fourth-place bank varying in each territory. Following the deal, the regional head-office for FCI is expected to remain located in Barbados, with that regional centre continuing to report to the Toronto CIBC head-office. [1], [2], (Final agreement for sale).

The deal closed closed on December 23rd, as expected near the end of 2006. is awaiting approval by several Caribbean regional regulators, as well as the securities exchanges in the Caribbean where majority ownership thresholds of 50% + 1 may have been crossed for the publicly held bank. —The preceding unsigned comment was added by CaribDigita (talk • contribs) 02:19, 12 January 2007 (UTC).[reply]