Published On: Thu, Dec 14th, 2017

First Caribbean exploring New York stock exchange listing

First CaribbeanBRIDGETOWN - The Barbados-headquartered CIBC FirstCaribbean International Bank has confirmed that it is exploring listing some of its shares on the stock market in the United States.

The confirmation came on the heels of the Reuters news agency reporting that Canadian Imperial Bank of Commerce (CIBC) planned to list its US$2 billion Caribbean unit on the New York Stock Exchange (NYSE) to enable the bank to exit a region where earnings growth has been slow.

Sources had told Reuters that FirstCaribbean could start by listing 20 per cent of the business early next year and subsequently sell down more shares.

“FirstCaribbean is considering a potential stock market listing in the US, the world’s deepest capital market,” CIBC spokeswoman Caroline Van Hasselt has confirmed.

Although saying that no final decisions had been made, Van Hasselt said a listing on the NYSE would provide it with access to a larger investor base, enhanced liquidity, and greater access to capital.

“CIBC FirstCaribbean has delivered strong operating performance and financial results over the last three years. During this period, we have achieved an increase in adjusted net income of US$123 million in 2015 to US$153 million in 2017…with a strongly improving asset quality profile.

“We have demonstrated continued market share gains with greater than average market growth across most geographies and business segments. We have achieved this by offering a superior client experience and technology interface together with our full suite of products and services,” the bank said.

“This trend is set to continue and we remain focused on delivering excellent service to our clients and providing the best possible return on investment for our shareholders”.

FirstCaribbean said it had delivered strong operating performance and financial results over the last three years, with net income of US$142 million in the year to October 31, 2017, compared with US$143 million the previous year.

Click Tag(s) for Related Articles:



-- ADVERTISEMENT --