The Bank of N.T. Butterfield & Son Limited has agreed to acquire control of CIBC Caribbean Bank Limited in a US$1.8 billion transaction announced today in a press release.
Under the agreement, Butterfield will purchase CIBC’s 91.7 per cent stake in CIBC Caribbean and subsequently launch a mandatory takeover bid for the remaining shares held by minority shareholders.
The companies said the deal will create a combined financial institution with approximately US$29 billion in assets, expanding its banking and wealth management footprint across the Caribbean and international financial centres.
Butterfield Chairman and CEO Michael Collins said: “Since Butterfield’s 2016 listing on the NYSE, we have successfully grown and enhanced profitability through bank and trust acquisitions. This deal combines two storied and complementary banks, with significant local scale advantages and time-honoured customer relationships in their respective core jurisdictions. The transaction will offer both scale and diversification to the benefit of all stakeholders, positioning Butterfield as a leading independent bank and wealth manager operating across international financial centres and attractive Caribbean markets. I look forward to welcoming our talented new colleagues and valued clients.”
CIBC Caribbean Chief Executive Officer Mark St. Hill said: “For our clients, employees and communities, this combination brings together two organisations with shared values and a common focus on relationship banking, innovating and community impact. We look forward to building on our legacy as the region’s champion in financial services.”
CIBC’s President and CEO Harry Culham said: “The entire CIBC Caribbean team led by Mark St. Hill has built a strong, client-focused bank across the region, and we look forward to realizing the strategic benefits of this transaction to deliver more for all stakeholders.”
According to the release, CIBC Caribbean’s regional headquarters in Barbados will be maintained following completion of the deal, with both institutions expected to expand digital banking services, cross-border payments and corporate and retail offerings.
The transaction is expected to close in the first half of 2027, subject to regulatory and shareholder approvals. (PR)
