Holding company, controls "the first international bank".
FIBI ends 2025 with a strong banking core, but 2026 will be judged mainly on capital structure: the possible merger with the bank, the CAL transaction, and how much capital room remains after those moves.
FIBI trades at a structural discount rather than a leverage discount. A merger can narrow that gap only if the exchange ratio gives FIBI shareholders the value of direct First International ownership rather than merely simplifying the chart.
For FIBI and First International, the CAL transaction looks far more like a monetization that releases capital flexibility than a deal that consumes capital; the real risk has shifted from price to timely execution.
