GNB Financial Group Limited reached an agreement to acquire 66.73% stake in FirstCaribbean International Bank Limited (TTSE:FCI) from Canadian Imperial Bank of Commerce (TSX:CM) for approximately $800 million on November 8, 2019. Pursuant to the terms of agreement, GNB will pay $200 million in cash and secured financing, provided by Canadian Imperial Bank of Commerce for the remainder. The consideration is subject to closing adjustments to reflect certain changes in CIBC FirstCaribbean's book value prior to closing. Post-completion, the stake owned by Canadian Imperial Bank of Commerce in FirstCaribbean International Bank will decrease to 24.9% from 91.63%. The transaction is subject to customary closing conditions, including receipt of regulatory approvals. The transaction is expected to complete in 2020. The Canadian Imperial Bank of Commerce Common Equity Tier 1 capital ratio is expected to improve by over 40 bps on closing. Carlos Martinez, Antonio Piccirillo, Daryn Grossman, Martin Hamilton and Joshua Miller of Proskauer Rose LLP acted as legal advisors to GNP in the transaction.

GNB Financial Group Limited cancelled the acquisition of 66.73% stake in FirstCaribbean International Bank Limited (TTSE:FCI) from Canadian Imperial Bank of Commerce (TSX:CM) on February 3, 2021. The transaction was cancelled as it did not receive approval from FirstCaribbean's regulators.