TORONTO -- CIBC is looking to raise up to US$240 million in an initial public offering in the United States for its FirstCaribbean International Bank Ltd. subsidiary.

The Canadian bank wants to sell 9.6 million shares in the bank at a price expected to be between of US$22 and US$25 per share, according to U.S. regulatory filings. CIBC is expected to hold a majority stake in the bank after the offering.

The shares are currently listed on the Barbados Stock Exchange and the Trinidad and Tobago Stock Exchange. The bank says it will delist from both exchanges and relist on the International Securities Market of the Barbados Stock Exchange.

The shares are also to be listed on the New York Stock Exchange under the symbol FCI.

FirstCaribbean was formed in 2002 when CIBC West Indies Holdings and Barclays Bank PLC Caribbean operations merged. CIBC acquired Barclays' stake in 2006 and became the majority shareholder.

Based in Barbados, FirstCaribbean has over 2,700 staff and operates in 17 countries.