The_Bank_of_N.T._Butterfield_&_Son_Limited acquires CIBC Caribbean

Butterfield Bank has agreed to acquire a 91.7% controlling interest in Canadian Imperial Bank of Commerce — CIBC Caribbean from Canadian Imperial Bank of Commerce for approximately US$1.8 billion. The transaction, comprising US$1.09 billion in cash and US$703 million in Butterfield Bank shares, 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 centers. Butterfield Bank will subsequently launch a mandatory takeover bid for the remaining shares held by minority shareholders of Canadian Imperial Bank of Commerce — CIBC Caribbean. The deal is expected to close in the first half of 2027, subject to regulatory and shareholder approvals. Michael Collins (banker), CEO of Butterfield Bank, highlighted the strategic benefits of scale and diversification. Mark St. Hill, CEO of Canadian Imperial Bank of Commerce — CIBC Caribbean, emphasized the shared values and focus on relationship banking. Canadian Imperial Bank of Commerce will retain a 22% stake in the combined entity and have board representation. The Hong Kong — Hong Kong Monetary Authority will continue as the consolidated regulatory supervisor.