Canada's CIBC to sell stake in Caribbean operations for $797 million [Reuters]
Canadian Imperial Bank of Commerce (CM)
Last canadian imperial bank of commerce earnings: 2/26 05:53 am
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Source: Reuters
Canada's CIBC to sell stake in Caribbean operations for $797 million - Reuters 2 Min Read (Reuters) - Canadian Imperial Bank of Commerce (CIBC) ( CM.TO ) said on Friday it had agreed to sell a significant portion of its majority stake in CIBC FirstCaribbean to GNB Financial Group for $797 million. The deal is expected to result in an after-tax loss of about C$135 million ($102.5 million) that will be recognized in the fourth quarter, CIBC said. After the deal closes, expected in 2020, CIBC will record a foreign-exchange related gain of about C$280 million based on exchange rates as of Oct. 31. ( reut.rs/2PYsYC0 ) FirstCaribbean was founded in 2002 after Barclays Plc ( BARC.L ) and CIBC combined their retail, corporate and offshore Caribbean banking operations and the Canadian bank gained majority control after Barclays exited its stake in 2006. CIBC will retain a 24.9% stake in the unit after the deal closes, the company said on Friday. GNB is owned by Starmites Corp, the financia
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- 2/29/24 - Beat
CM
Sec Filings
- 4/23/24 - Form SBSE-A/A
- 4/19/24 - Form 424B2
- 4/19/24 - Form 424B2
- CM's page on the SEC website