Carey Olsen in Bermuda has acted as joint lead counsel to The Bank of N.T Butterfield & Son on its landmark US$1.8 billion acquisition of CIBC’s 91.7% interest in Caribbean Bank, alongside U.S. counsel Sullivan & Cromwell LLP and Lex Caribbean.
The transaction brings together a combined business with approximately US$29 billion in assets, establishing a leading banking and wealth management platform spanning international financial centres and high-growth Caribbean markets.
Coordinated across 19 jurisdictions, the transaction is expected to significantly expand Butterfield and CIBC Caribbean’s offering across their combined client base, including cross-border payments, consumer and merchant banking services, and digital banking infrastructure.
Carey Olsen Bermuda partners Alexander Collis (pictured) and Michelle Falcucci led on the transaction, advising at a level of scale and complexity rarely seen in the offshore market and taking on a role typically associated with lead onshore counsel.
Alexander Collis commented: “This is a landmark transaction not just for Butterfield, but for the offshore legal market. Delivering a deal of this scale across 19 jurisdictions, alongside Sullivan & Cromwell, demonstrates that Carey Olsen Bermuda is at the forefront of complex, cross-border M&A. We are proud to have played a lead role in assisting Butterfield in their strategy to become the leading bank and trust company in international financial centres.”
Michelle Falcucci added: “Acting as joint lead counsel with Sullivan & Cromwell on a transaction of this scale and complexity requires not only multi-jurisdictional coordination, but a detailed understanding of how regulatory, transactional and structuring considerations intersect in practice.
“Our leading role on this matter highlights the depth of Carey Olsen’s expertise in navigating that complexity and delivering commercially focused advice on high-value, cross-border transactions, reinforcing our position as a trusted adviser on strategically significant deals. We are delighted to have supported Butterfield on this transformative transaction.”
