Canadian Imperial Bank of Commerce has sold its 98% stake in the U.S. card issuer Juniper Financial Corp. to the British banking company Barclays PLC for $293 million.
The sale was announced Wednesday. Barclays also bought the 2% stake owned by the Wilmington, Del., issuer's senior managers.
Barclays has said it intends to use Juniper to introduce its Barclaycard brand to the United States and to build lending volume there.
Juniper primarily offers its cards in the names of dozens of co-branding partners. CIBC acquired a 51% stake in Juniper in 2001 and later increased its position to 98%.
Barclays announced its deal for Juniper in August.
