November 8, 2019 / 1:47 PM / 11 days ago

CIBC to sell portion of its stake in CIBC FirstCaribbean for $797 mln

Nov 8 (Reuters) - Canadian Imperial Bank of Commerce (CIBC) said on Friday it had agreed to sell a significant portion of its majority stake in CIBC FirstCaribbean to GNB Financial Group for $797 million.

Following the deal, CIBC will have a 24.9% stake in FirstCaribbean, the company said in a statement. (reut.rs/2PYsYC0)

Reporting by Bharath Manjesh in Bengaluru; Editing by Anil D'Silva

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