Butterfield to acquire CIBC Caribbean in US$1.8-billion deal

The Bank of N.T. Butterfield & Son Limited has agreed to buy the CIBC Caribbean Bank Limited, creating one of the Caribbean's largest banking groups with roughly US$29 billion in combined assets.
The deal will buy out Canadian Imperial Bank of Commerce's controlling stake in CIBC Caribbean — the public currently holds the remainder. It’s the third attempt by CIBC to reduce its Caribbean exposure in roughly seven years.