• Today
    April 24

  • 12:59 PM

FirstCaribbean confirms it is exploring NYSE listing

NATASHA BECKLES, natashabeckles@nationnews.com

Added 13 December 2017


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)


Dos and Donts

Welcome to our discussion forum here on nationnews.com. We encourage lively debate, but we also urge you to take note of the following:

  • Stay on topic – This helps keep the thread focused on the discussion at hand. If you would like to discuss another topic, look for a relevant article.
  • Be respectful – Meeting differences of opinion with civil discussion encourages multiple perspectives and a positive commenting environment.
  • Do not type in capitals – In addition to being considered “shouting” it is also difficult to read.
  • All comments will be moderated – Given the volume of comments each day, this may take some time. So please be patient.
  • We reserve the right to remove comments – Comments that we find to be abusive, spam, libellous, hateful, off-topic or harassing may be removed.
  • Reproduction of comments – Some of your comments may be reproduced on the website or in our daily newspapers. We will use the handle, not your email address.
  • Do not advertise – Please contact our Advertising Department.
  • Contact our Online Editor if you have questions or concerns.
  • Read our full Commenting Policy and Terms of Use.
comments powered by Disqus


Did you expect more guns to be turned in during the amnesty?