London Daily

Focus on the big picture.
Monday, Sep 01, 2025

Major Acquisition! Colombian Billionaire Controls FirstCaribbean Int'l Bank

Major Acquisition! Colombian Billionaire Controls FirstCaribbean Int'l Bank

Canadian Imperial Bank of Commerce (CIBC) has struck an agreement to sell two-thirds of its stake in Barbados-based CIBC FirstCaribbean International Bank (CIBC FCIB) to a company run by Colombian billionaire Jaime Gilinski.
An ex-Central Bank governor yesterday said the proposed acquisition of CIBC FirstCaribbean could be positive for the Bahamian economy if it "breaks up the cartel" in the banking industry.

James Smith told Tribune Business that the Colombia-based Gilinski Group could give The Bahamas a much-needed "shot in the arm" post-Hurricane Dorian if it created more competition in the commercial banking industry by "challenging the oligopoly" that presently exists.

Conceding that there were "more questions than answers" over the proposed sale of CIBC's regional Caribbean business, including its Bahamas operations, Mr Smith argued that the Gilinski Group should also make the same buyout offer to the Bahamian minority shareholders as it has given to the Canadian banking giant.

The deal is said to worth some $797M and is seen as part of a wider shift in regional banking that has seen Canadian operators reduce their footprint the Caribbean.

It is unclear at this stage what the CIBC FCIB agreement will mean for operations here in the Virgin Islands.

Gilinski's GNB Financial Group Ltd. will purchase 66.73% of the shares of FirstCaribbean, subject to the approval of local regulators, while Canadian Imperial Bank of Commerce (CIBC) will retain a 24.9% interest in the Caribbean bank.

Initially, the bank denied the acquisition in other regional markets, but has since confirmed the sale.

“FirstCaribbean is a strong, well-performing business that continues to grow across the region," said Colette Delaney, CEO, FirstCaribbean.

Delaney added, "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."

Gilinski, Chairman of GNB stated that FirstCaribbean will remain the strong entity it is today, committed to servicing its clients in the region..

“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 which has banking operations in Colombia, Peru, Paraguay, Panama, and Cayman Islands with approximately $15B 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.

Another Canadian bank, the Bank of Nova Scotia had announced in November 2018 to sell their operations in nine countries to Trinidad and Tobago-based Republic Financial Holdings Ltd.

Scotiabank said that it had completed the sale of banking operations in seven “non-core” Caribbean markets, but has temporarily scrapped the sale of its holdings in Antigua and Guyana after regulatory and political push-back.

In the BVI, regulators have not said publicly whether Scotiabank's operations locally will be impacted.
Newsletter

Related Articles

0:00
0:00
Close
Chinese and Indian Leaders Pursue Amity Amid Global Shifts
European Union Plans for Ukraine Deployment
ECB Warns Against Inflation Complacency
Concerns Over North Cyprus Casino Development
Shipping Companies Look Beyond Chinese Finance
Rural Exodus Fueling European Wildfires
China Hosts Major Security Meeting
Chinese Police Successfully Recover Family's Savings from Livestream Purchases
Germany Marks a Decade Since Migrant Wave with Divisions, Success Stories, and Political Shifts
Liverpool Defeat Arsenal 1–0 with Szoboszlai Free-Kick to Stay Top of Premier League
Prince Harry and King Charles to Meet in First Reunion After 20 Months
Chinese Stock Market Rally Fueled by Domestic Investors
Israeli Airstrike in Yemen Kills Houthi Prime Minister
Ukrainian Nationalist Politician Andriy Parubiy Assassinated in Lviv
Corporate America Cuts Middle Management as Bosses Take On Triple the Workload
Parents Sue OpenAI After Teen’s Death, Alleging ChatGPT Encouraged Suicide
Amazon Faces Lawsuit Over 'Buy' Label on Digital Streaming Content
Federal Reserve Independence Questioned Amid Trump’s Push to Reshape Central Bank
British Politics Faces Tumultuous Autumn After Summer of Rebellions and Rising Farage Momentum
US Appeals Court Rules Against Most Trump-Era Tariffs
UK Sought Broad Access to Apple Users’ Data, Court Filing Reveals
UK Bank Shares Dive Over Potential Tax on Sector
Germany’s Auto Industry Sheds 51,500 Jobs in First Half of 2025 Amid Deepening Crisis
Bruce Willis Relocated Due to Advanced Dementia
French and Korean Nuclear Majors Clash As EU Launches Foreign Subsidy Probe
EU Stands Firm on Digital Rules as Trump Warns of Retaliation
Getting Ready for the 3rd Time in Its History, Germany Approves Voluntary Military Service for Teenagers
Argentine President Javier Milei Evacuated After Stones Thrown During Campaign Event
Denmark Confronts U.S. Diplomat Over Covert Trump-Linked Influence in Greenland
Starmer Should Back Away from ECHR, Says Jack Straw
Trump Demands RICO Charges Against George Soros and Son for Funding Violent Protests
Taylor Swift Announces Engagement to NFL Star Travis Kelce
France May Need IMF Bailout, Warns Finance Minister
Chinese AI Chipmaker Cambricon Posts Record Profit as Beijing Pushes Pivot from Nvidia
After the Shock of Defeat, Iranians Yearn for Change
Ukraine Finally Allows Young Men Aged Eighteen to Twenty-Two to Leave the Country
The Porn Remains, Privacy Disappears: How Britain Broke the Internet in Ten Days
YouTube Altered Content by Artificial Intelligence – Without Permission
Welcome to The Definition of Insanity: Germany Edition
Just a reminder, this is Michael Jackson's daughter, Paris.
Spotify’s Strange Move: The Feature Nobody Asked For – Returns
Manhunt in Australia: Armed Anti-Government Suspect Kills Police Officers Sent to Arrest Him
China Launches World’s Most Powerful Neutrino Detector
How Beijing-Linked Networks Shape Elections in New York City
Ukrainian Refugee Iryna Zarutska Fled War To US, Stabbed To Death
Elon Musk Sues Apple and OpenAI Over Alleged App Store Monopoly
2 Australian Police Shot Dead In Encounter In Rural Victoria State
Vietnam Evacuates Hundreds of Thousands as Typhoon Kajiki Strikes; China’s Sanya Shuts Down
UK Government Delays Decision on China’s Proposed London Embassy Amid Concerns Over Redacted Plans
A 150-Year Tradition to Be Abolished? Uproar Over the Popular Central Park Attraction
×