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BRIEF-CIBC Reaches Agreement To Sell Majority Stake In CIBC FirstCaribbean

Published 2019-11-08, 08:53 a/m
© Reuters. BRIEF-CIBC Reaches Agreement To Sell Majority Stake In CIBC FirstCaribbean
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Nov 8 (Reuters) - Canadian Imperial Bank of Commerce CM.TO :

* PRESS RELEASE - CIBC REACHES AGREEMENT TO SELL MAJORITY STAKE IN CIBC FIRSTCARIBBEAN

* CANADIAN IMPERIAL BANK OF COMMERCE - DEAL FOR TOTAL CONSIDERATION OF US$797 MILLION

* CANADIAN IMPERIAL BANK OF COMMERCE - BANK TO RETAIN 24.9% MINORITY STAKE UNDER TERMS OF AGREEMENT

* CANADIAN IMPERIAL BANK OF COMMERCE - TOTAL CONSIDERATION REPRESENTS A COMPANY VALUATION OF APPROXIMATELY US$1,195 MILLION

* CANADIAN IMPERIAL BANK OF COMMERCE - GNB IS ACQUIRING 66.73% OF FIRSTCARIBBEAN SHARES FROM CIBC

* CANADIAN IMPERIAL BANK OF COMMERCE - CIBC'S COMMON EQUITY TIER 1 CAPITAL RATIO IS EXPECTED TO IMPROVE BY OVER 40 BPS ON CLOSING

* CANADIAN IMPERIAL BANK OF COMMERCE - TOTAL DEAL CONSIDERATION IS COMPRISED OF ABOUT $200 MILLION IN CASH AND SECURED FINANCING BY CIBC FOR REMAINDER

* CANADIAN IMPERIAL BANK OF COMMERCE - GNB IS ACQUIRING 66.73% OF FIRSTCARIBBEAN SHARES FROM CIBC

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