Barclays to sell stake in FCIB

Barclays, the third-largest British bank, said it would sell its 43.7-percent stake in FirstCaribbean International Bank for about 1.08 billion dollars to Canadian Imperial Bank of Commerce (CIBC).

CIBC already owns 43.7 percent of FirstCaribbean, which was formed in 2002 through the merger of both Barclays and CIBC Caribbean Limited. {{more}}

According to business sources, the remaining 12.6 percent of FirstCaribbean will continue to be publicly held.

Barclays will more than likely complete the sale of its shares in late 2006 following regulatory approval, and would not be a long-term holder of any CIBC shares it acquired through the deal.