(CMR) FirstCaribbean International Bank has been acquired by The Gilinksi Group out of Colombia. This acquisition includes locations in 16 Caribbean countries including the Barbados headquarters, Antigua, Aruba, Bahamas, Cayman, Curacao, Dominica, San Martin among others.
In this region, the bank notes that “it has more than 2,700 employees, 57 full-service branches, seven international banking and private equity management offices, 11 platinum offices and six loan and mortgage centers in 16 regional markets.” In addition, the annual profits of this entity that is in personal banking business, business, corporate, among others, amount to US $200 million annually.
“There is a moment in life when you have to take all of the risk, just put all of the cards on the table.”Jaime Gilinski Bacal
For now, the operation in Canada is expected to be confirmed next week, as the FirstCaribbean is a Caribbean subsidiary of the Canadian Imperial Bank of Commerce (Cibc).
Billionaire, Jaime Gilinski Bacal, built one of the largest banking empires in Latin America through a series of mergers and acquisitions. Jaime Gilinski Bacal is a Colombian banker and real estate developer. Gilinski resides in London. According to Forbes, he is the second richest person in Colombia, with a net worth of US$3.9 billion as of May 2018 After getting an MBA at Harvard in 1980, Gilinski worked in Morgan Stanley's mergers and acquisitions division. The Colombian is redeveloping a former U.S. Air Force base alongside the Panama Canal with British billionaire brothers Ian and Richard Livingstone. After getting an MBA at Harvard in 1980, Gilinski worked in Morgan Stanley's mergers and acquisitions division.
It is uncertain what the acquition means for the local Cayman branch.