The Bank of N.T. Butterfield & Son is acquiring CIBC’s 91.7 percent interest in CIBC Caribbean Bank Limited, which serves communities across the Caribbean.
Butterfield will maintain both organizations’ operational footprints, including CIBC Caribbean’s regional headquarters in Barbados. Butterfield is also committed to its and CIBC Caribbean’s philanthropic, financial education, and sustainability initiatives in each of their geographies.
Butterfield will pay $1.1 billion in cash and $703 million in Butterfield shares for CIBC Caribbean for an aggregate purchase price of $1.794 billion.
“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-honored 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 centers and attractive Caribbean markets. I look forward to welcoming our talented new colleagues and valued clients,” Michael Collins, Butterfield’s chairman and CEO, said.
Butterfield is a full-service bank and wealth manager headquartered in Hamilton, Bermuda. It provides banking and financial services to clients from Bermuda, the Cayman Islands, Guernsey and Jersey, as well as The Bahamas, Switzerland, Singapore and the United Kingdom.
CIBC Caribbean is a relationship bank offering a full range of financial services, serving 10 countries around the Caribbean and Hong Kong.
The merger will create a banking and wealth management platform in international financial centers and Caribbean markets, with approximately $29 billion in assets.
“For our clients, employees and communities, this combination brings together two organizations 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,” Mark St. Hill, CEO of CIBC Caribbean, said.
The transaction is expected to close in the first half of 2027, subject to receipt of Butterfield shareholder and regulatory approvals and the satisfaction of customary closing conditions.
“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,” Harry Culham, President and CEO, CIBC, said.