Canadian Imperial Bank of Commerce (CIBC) has reached an agreement to sell a controlling stake in its Caribbean entity FirstCaribbean International Bank to GNB Financial Group.
GNB will purchase 66.73% of the shares of FirstCaribbean, subject to the approval of local regulators. Following the close of the transaction, CIBC will remain a 24.9% minority shareholder of FirstCaribbean and will benefit from various minority shareholder protections, as well as liquidity rights in respect of its minority stake.
Advisor Group has agreed to buy Ladenburg Thalmann Financial Services and eventually combine operations with the latter in a deal worth $1.3bn.
The consolidation, anticipated to complete in the first half of next year, will lead to the creation of a wealth manager with more than $450bn in assets. The merged business is said to generate annual revenues of $3bn and have an adviser count of around 11,500.
Chatham Financial has acquired British peer JCRA Group for an undisclosed amount.
Both firms offer debt and derivatives solutions to a collective client base of more than 3,000, which includes commercial real estate, private equity, infrastructure, financial institutions, and corporate clients. The consolidated business will have operations in London, Singapore, Melbourne, Toronto, Denver, Krakow, as well as Kennett Square, Pennsylvania.
Fulton Bank, part of Fulton Financial, has acquired local wealth management firm APS Wealth Management for an undisclosed amount.
Camp Hill-based APS Wealth Management was set up in 1994 by Mike Chwastyk. At the time of deal closure on 4 October 2019, APS Wealth Management managed around $67m in assets. Fulton's wealth management arm Fulton Financial Advisors manages around $11bn in assets.
Markel has reached an agreement to purchase VSC Fire & Security for an undisclosed amount.
VSC offers different solutions related to fire protection, life safety, and low voltage to retailers, and government properties, among others, in the southeast US. Set-up in 1958, VSC currently employs more than 1,200 people across 21 offices in nine states and in the District of Columbia.
Storm Insurance Group has purchased Montreal, Quebec based Axxium Assurance for an undisclosed amount.
Sébastien Vaval, who is a former board member of the Insurance Brokers Association of Quebec, formed Axxium in 2009. The acquired firm will now be led by Storm Insurance's eastern region vice-president Timothy Branson along with Vaval.
Risk Strategies has strengthened its national footprint with the purchase of Zito Insurance Agency for an undisclosed sum.
Headquartered in Mentor, Ohio, Zito was established in 1963 and employs 36 personnel. The firm serves both individuals and businesses from different industries, offering property, casualty, life, as well as health insurance services. It also has an office at Rocky River in Ohio.