TORONTO -- Canadian Imperial Bank Of Commerce is considering a U.S. stock listing for its Caribbean bank subsidiary.
The Canadian bank says no decision has been made, but a U.S. listing would provide FirstCaribbean International Bank access to a larger investor base, enhanced liquidity and greater access to capital to support long-term growth.
CIBC spokeswoman Caroline Van Hasselt says the bank's focus is on enhancing FCIB's long-term growth prospects while creating value for the clients, shareholders and other stakeholders of both FCIB and CIBC (TSX:CM).
FirstCaribbean was formed in 2002 when CIBC West Indies Holdings and Barclays Bank PLC Caribbean operations merged. CIBC acquired Barclays stake in 2006 and became the majority shareholder.
Based in Barbados, FirstCaribbean has over 2,700 staff and operates in 17 countries.
The possibility of a U.S. stock listing for FirstCaribbean comes after CIBC's recent acquisition of Chicago-based PrivateBancorp for US$5 billion.
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