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CIBC announces deal to sell Caribbean business for US$1.6 billion as it beats profit forecasts

CIBC extended its more than two-year streak of surpassing analyst estimates by showing growth across all its businesses. Read more

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financialpost.com

thestar.com

jamaica-gleaner.com

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financialpost.com3 mesi fa

CIBC selling Caribbean division for US$1.6 billion as it refocuses efforts on North American market

CIBC divests its Caribbean unit to Bank of N.T. Butterfield for US$1.6B (US$1B cash + 52.1M shares), retaining a 22% stake in the Bermuda-based acquirer. Capital freed goes toward North American expansion — a sign that banks are rationalizing geographic footprint to concentrate ROE on core markets.

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thestar.com3 mesi fa

CIBC signs deal to sell CIBC Caribbean for US$1.6B, reports Q2 profit up

TORONTO - CIBC announced a deal to sell its 91.67 per cent interest in CIBC Caribbean to the Bank of N.T. Butterfield & Son for a total of US$1.6 billion