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BULLETIN:CIBC Plan To Acquire Larger Stake In FirstCaribbean International Bank Credit Neutral Mar 06
Standard & Poors, March 2006
Abstract
TORONTO (Standard & Poor's) March 13, 2006--Standard & Poor's Ratings Services today said that Canadian Imperial Bank of Commerce's (CIBC; A+/Negative/A-1) intent to acquire Barclays Bank PLC's (AA/Stable/A-1+) 43.7% ownership in FirstCaribbean International Bank is neutral to the ratings. CIBC will control a larger scale business than it had historically, in a region with good growth profitability. Upon completion of the transaction (late 2006), CIBC would own 87.4% of FirstCaribbean. Standard & Poor's views this development positively as CIBC will acquire a profitable business, which will provide additional scale in an attractive marketplace. Furthermore, CIBC is pursuing disciplined growth and an opportunity to deploy capital into a low-risk venture, as FirstCaribbean's orientation is retail and wealth management. Since closing is...
Companies mentioned in this report are: Canadian Imperial Bank of Commerce,Barclays Bank PLC
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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