Friday, Jan 18, 2019

Bank may list on NYSE

Bank may list on NYSE
13 Dec

CIBC FirstCaribbean says it's exploring a potential stock market listing of some of its shares on the New York Stock Exchange.

The company's announcement followed a Reuter’s report that the Canadian Imperial Bank of Commerce plans to list its US$2 billion Caribbean unit, FirstCaribbean, in New York.

According to the Reuters report, it would enable CIBC to exit a region where earnings growth has been slow.

The report adds that CIBC, which is Canada's fifth-biggest lender, will provide an update to investors on the bank's growth strategy.

However, in a media statement on the report, CIBC FirstCaribbean says no decisions have been made.

However, CIBC FirstCaribbean officials also note that a listing on the NYSE would provide the company with access to a larger investor base, enhanced liquidity, and greater access to capital.

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