CIBC announced on Wednesday the sale of its First Caribbean subsidiary has been withdrawn.
The Canadian bank said the transaction that would have seen GNB Financial Group acquire a majority stake in FirstCaribbean International Bank will not proceed as the transaction did not receive approval from FirstCaribbean's regulators.
GNB Financial Group is the financial arm of Colombia's Gilinski Group, one of the major players in that country's banking industry.
CIBC FirstCaribbean is located in sixteen countries around the Caribbean including Jamaica.
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