Sat | Feb 22, 2020

Colombia group acquiring CIBC FirstCaribbean

Published:Saturday | November 2, 2019 | 12:17 AM
Nigel Holness
Nigel Holness

The Colombia-based Gilinski Group plans to acquire the regional banking arm of CIBC FirstCaribbean, according to three separate media entities that quote sources.

The Latin America media entities are LaRepublica, Valora Analitik, and W Radio.

Neither the Gilinski Group or CIBC had issued an official statement up to press time.

Nigel Holness, country head of CIBC’s operations in Jamaica, was said to be unavailable for comment when The Gleaner made queries on the pending deal.

According to information from the media entities, the Gilinski Group acquired or aims to acquire 70 per cent of CIBC FirstCaribbean for US$2.2 billion.

Jaime Gilinski is a billionaire banker and real-estate developer who, along with his father and family, owns one of the largest banks in Latin America. He is described as the second richest person in Colombia, despite living mostly in the United Kingdom.

CIBC FirstCaribbean describes itself as the largest chain of banks in the English- and Dutch-speaking Caribbean with more than US$1.2 billion in equity and US$11.5 billion in total assets up to July 2019. The bank has more than 2,700 staff, 57 branches, 22 banking centres, and seven offices in 16 regional markets.

CIBC FirstCaribbean offers a full range of market-leading financial services in corporate banking, retail banking, wealth management, credit cards, treasury sales and trading, and investment banking.