FirstCaribbean International refutes idea parent company looking to pull out of region

FirstCaribbean International Bank Limited is exploring a potential stock market listing of some of its shares in the United States, the world’s deepest capital market. Despite claims from Reuters online, no decisions have been made according to a local statement. However, a listing on the NYSE would provide CIBC FirstCaribbean with access to a larger investor base, enhanced liquidity, and greater access to capital.

(FILE IMAGE) CIBC FirstCaribbean delivered strong operating performance and financial results over the last three years. During this period, they achieved an increase in adjusted net income of $123 million in 2015 to $153 million in 2017 with a strongly improving asset quality profile.

FirstCaribbean also demonstrated continued market share gains with greater than average market growth across most geographies and business segments.

The statement added the trend is set to continue as FirstCaribbean remains focused on delivering excellent service to the region and providing the best possible return on investment for shareholders.

Reuters online late yesterday implied Canadian Imperial Bank of Commerce plans to list its $2 billion Caribbean unit, FirstCaribbean, in New York, enabling it to exit a region where earnings growth has been slow.

Other banks have also been pulling out of this region. RBC sold its Jamaican operations at a loss in 2014 while Bank of America severed ties with banks in Guyana last year.

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