‘Increasing uncertainty’ around CIBC FirstCaribbean sale due to COVID-19
CEO: Regulatory approval process of deal has been complicated by pandemic Victor G. Dodig.
The COVID-19 pandemic has caused a delay in the sale of CIBC FirstCaribbean International Bank to Colombia’s GNB Financial Group Limited, CIBC President and Chief Executive Officer Victor G. Dodig has revealed.
In its fourth quarter and fiscal 2020 results, CIBC moved FirstCaribbean from “available for sale”, a move Dodig said was purely for accounting purposes.
Still, the CIBC executive said the deal faces challenges, noting that there is “increasing uncertainty” around the transaction.
“We have an engaged buyer with a genuine interest in the Caribbean banking sector and a proven track record in banking. Our business there, like any other well-run banking platform, is adjusting sensibly to the economic reality of the pandemic and it is good business. It’s going to recover as the economy recovers,