De-Risking In Jeopardy 4

De-Risking in Jeopardy 3 concluded at the stage when the Canadian Imperial Bank of Commerce (CIBC) had reached an agreement with the Gilinski Group, Colombia, to purchase FirstCaribbean International Bank Limited for US $797 million.

At the time, eyebrows were raised, but because of the involvement of CIBC, proceedings developed and optimism of a successful outcome of the transaction was presumed.

Long-standing observers of banking and financial matters in the region did not share the view and many were alarmed.

That was 2019 and, whilst it is not unusual for sales or amalgamations of major entities to take several years to reach a conclusion, it is especially surprising that those involving banks should end in failure.