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Announced

GNB halts the acquisition of a 66.7% stake in CIBC FirstCaribbean.

Financials

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Transaction Value£622m
Consideration TypeCash, Loan Notes
Capital Owned-
Capital Bid For67%
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

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financial sercives

Single Bidder

commercial banking

Banks

Barbados

Acquisition

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Synopsis

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GNB Financial Group, a subsidiary of Banco GNB Sudameris, a provider of banking services halts the acquisition of a 66.7% stake in CIBC FirstCaribbean, the Caribbean and Barbados-based subsidiary of CIBC. “While this transaction would have supported FirstCaribbean’s long-term growth prospects, it is only one way of creating value for stakeholders,” Harry Culham, CIBC Head of capital markets.

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