CIBC said Friday it will purchase 129,804,474 common shares of FirstCaribbean International Bank under its previously announced offer to all shareholders that closed on Tuesday, January 30.

CIBC has indicated to FirstCaribbean International Trust and Merchant Bank (Barbados) Ltd. the dealer manager for the offer, that it has taken up and intends to pay for all the tendered shares in accordance with the circular distributed in connection with the offer. The purchase price per tendered share is US$1.6335.

CIBC will own 91.49% of the shares of FirstCaribbean International Bank following this transaction.