The Bank of N.T. Butterfield & Son Ltd. has agreed to acquire Canadian Imperial Bank of Commerce’s 91.7% stake in Caribbean Bank Limited, known as CIBC Caribbean, in a transaction valued at approximately US$1.8 billion.
The acquisition will combine two regional financial institutions with approximately US$29 billion in assets, creating an expanded banking and wealth management platform operating across international financial centres and Caribbean markets.
According to the companies involved, the transaction is expected to broaden services available to customers of both institutions, including cross-border payment capabilities, consumer and merchant banking products, and digital banking services.
Law firm Carey Olsen advised Butterfield on the transaction as joint lead counsel alongside U.S.-based Sullivan & Cromwell LLP and regional firm Lex Caribbean. The deal required coordination across 19 jurisdictions and involved regulatory and transactional advice from legal teams in Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey and Jersey.
Carey Olsen partners Alexander Collis and Michelle Falcucci led the firm’s work on the acquisition, supported by lawyers across several offshore jurisdictions. The firm described the transaction as one of the largest and most complex cross-border banking deals involving offshore financial centres in recent years.
The acquisition forms part of Butterfield’s broader growth strategy and is expected to strengthen its presence in the Caribbean banking sector, subject to regulatory approvals and customary closing conditions.
