The Bank of N.T. Butterfield & Son has entered into a definitive agreement to acquire CIBC’s 91.7% interest in CIBC Caribbean Bank.
The combined business is expected to have approximately $29 billion in assets and will continue operating across both organisations’ existing jurisdictions, including CIBC Caribbean’s regional headquarters in Barbados.
According to the companies, the transaction is intended to expand banking and wealth management capabilities across their combined client base, including cross-border payments, consumer and merchant banking services, and digital banking infrastructure. Butterfield said it also plans to continue supporting existing community, sustainability and financial education initiatives across the regions in which the banks operate.
Michael Collins (pictured), Butterfield’s Chairman and Chief Executive Officer, 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-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.”
Mark St. Hill, Chief Executive Officer of CIBC Caribbean, added: “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.”
Harry Culham, President and CEO, CIBC, commented: “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.”
