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    July 18

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FirstCaribbean confirms it is exploring NYSE listing

NATASHA BECKLES, natashabeckles@nationnews.com

Added 13 December 2017

cibc-bridgetown

CIBC FirstCaribbean's City branch. (FILE)

CIBC FirstCaribbean International Bank has confirmed that it is exploring the listing of some of its shares on the stock market in the United States.

The confirmation came today, a day after Reuters exclusively reported that Canadian Imperial Bank of Commerce (CIBC) planned to list its $2 billion Caribbean unit on the New York Stock Exchange.

Reuters said this would enable the bank to exit a region where earnings growth has been slow.

Two sources told the news agency CIBC could start by listing 20 per cent of the business early next year and subsequently sell down more shares.

This morning, FirstCaribbean said no decisions had been made but a listing on the NYSE would provide it with access to a larger investor base, enhanced liquidity, and greater access to capital.

“CIBC FirstCaribbean has delivered strong operating performance and financial results over the last three years. During this period, we have achieved an increase in adjusted net income of $123 million in 2015 to $153 million in 2017 (a CAGR of 11 per cent), with a strongly improving asset quality profile.

“We have demonstrated continued market share gains with greater than average market growth across most geographies and business segments.  We have achieved this by offering a superior client experience and technology interface together with our full suite of products and services,” the bank said.

FirstCaribbean added: “This trend is set to continue and we remain focused on delivering excellent service to our clients and providing the best possible return on investment for our shareholders”. (PR/NB)

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