FirstCaribbean International Bank Limited (FCIB) on Monday announced that it inked a deal with its majority shareholder CIBC Investments (Cayman) Limited, to acquire all of the issued and outstanding shares in CIBC Bank and Trust Company (Cayman) Limited and CIBC Trust Company (Bahamas) Limitedfor a consideration of US$76.8 million.

The agreement is subject to regulatory approvals.

FCIB will issue 51,917,808 common shares in its capital as payment, which will give its parent 1,445,725,257, or 91.67 per cent of FCIB’s shares, up from 91.39 per cent.

The acquired entities provide trust and fund administration services business in the Caribbean to private wealth management clients and institutional investors. Their acquisition will augment FCIB’s growth strategy in the wealth segment.

“These businesses are… geographically complementary, they possess strong complementary balance sheets, solid and experienced management teams and their operations will integrate seamlessly with FirstCaribbean yielding cost and revenue synergies,” said FCIB CEO, Rik Parkhill in a press statement.

FCIB chairman, Michael Mansoor said the acquisition “at this time speaks to the confidence we place in our wealth segment to leverage the expertise and product offerings of our parent Canadian Imperial Bank of Commerce and become the market leading Wealth services provider in this region.”