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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Barclays PLC    BARC   GB0031348658

BARCLAYS PLC

(BARC)
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Canada's CIBC to sell stake in Caribbean operations for $797 million

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11/08/2019 | 09:21am EST
The CIBC logo is seen outside of a branch in Ottawa

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.

The deal is expected to result in an after-tax loss of about C$135 million ($102.5 million) that will be recognized in the fourth quarter, CIBC said.

After the deal closes, expected in 2020, CIBC will record a foreign-exchange r
elated gain of about C$280 million based on exchange rates as of Oct. 31. (https://reut.rs/2PYsYC0)

FirstCaribbean was founded in 2002 after Barclays Plc and CIBC combined their retail, corporate and offshore Caribbean banking operations and the Canadian bank gained majority control after Barclays exited its stake in 2006.

CIBC will retain a 24.9% stake in the unit after the deal closes, the company said on Friday.

GNB is owned by Starmites Corp, the financial holding company of the Gilinski Group, which has banking operations in Colombia, Peru, Paraguay, Panama and Cayman Islands.

(Reporting by Bharath Manjesh in Bengaluru; Editing by Anil D'Silva and Sriraj Kalluvila)

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Financials (GBP)
Sales 2019 21 526 M
EBIT 2019 7 077 M
Net income 2019 2 499 M
Debt 2019 -
Yield 2019 5,22%
P/E ratio 2019 12,1x
P/E ratio 2020 7,29x
Capi. / Sales2019 1,36x
Capi. / Sales2020 1,33x
Capitalization 29 226 M
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Technical analysis trends BARCLAYS PLC
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 193,21  GBp
Last Close Price 1,69  GBp
Spread / Highest target 14 670%
Spread / Average Target 11 315%
Spread / Lowest Target 6 439%
EPS Revisions
Managers
NameTitle
James Edward Staley Group Chief Executive Officer & Director
Taylor Wright Co-Head-US Equity & Managing Director
Nigel Paul Higgins Group Chairman
Paul Herbert Compton Group Chief Operating Officer
Tushar Morzaria Group Finance Director & Executive Director
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