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CIBC signs agreement to buy Barclays stake in FirstCaribbean
Friday, June 30, 2006by David Scanlan
TORONTO, Canada (Bloomberg): Canadian Imperial Bank of Commerce, Canada's fifth-biggest lender, has signed a definitive agreement to take control of FirstCaribbean International bank by acquiring a $1.08 billion stake from Barclays Plc.
Canadian Imperial said on March 13 it signed a letter of intent to buy a 43.7 percent stake in FirstCaribbean from Barclays.
The purchase will close at the end of the year, the Toronto-based bank said in a Canada NewsWire statement on Thursday.
Canadian Imperial said it will pay cash, stock or a combination of both, increasing its stake to 87.4 percent.
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