Skip to content
(Bloomberg) -- Canadian Imperial Bank of Commerce agreed to sell two-thirds of its Caribbean banking unit to a company run by Colombian billionaire Jaime Gilinski for $797 million, reducing its exposure to a company that has lost $1.6 billion in value since 2006.GNB Financial Group Ltd. will buy 66.7% of CIBC FirstCaribbean shares from CIBC, leaving Canada’s fifth-largest lender with about a 25% stake in the Barbados-based bank, according to a statement Friday. The sale values FirstCaribbean at about $1.2 billion, compared with $2.8 billion when CIBC took over most of the business.“The Caribbean is a low-growth market that presents idiosyncratic risks to the bank (e.g., hurricanes),” National Bank Financial analyst Gabriel Dechaine said in a note to clients, calling the transaction “positive” from a risk standpoint. “At the risk of being flippant, the only time we hear about the Caribbean is when there’s a problem.”For CIBC, the sale marks a...
We note that the Sturm, Ruger & Company, Inc. (NYSE:RGR) Vice President of Sales, Shawn Leska, recently sold US$69k......
Travelers passing through LAX have routinely expressed outrage over long wait times for ride-hailing services.
The airport recently expanded its ride-share lot, a move viewed as somewhat controversial. Yahoo Finance’s Melody Hahm joins Dan Roberts on YFi AM to discuss....
In 2017 Jeff Kramer was appointed CEO of Schweitzer-Mauduit International, Inc. (NYSE:SWM). This analysis aims first......
Dean Connor has been the CEO of Sun Life Financial Inc. (TSE:SLF) since 2011. This analysis aims first to contrast CEO......
