Chief Executive Officer of CIBC Caribbean Mark St. Hill also underscored the importance of employees and communities in the transition.
Employees and customers across the Caribbean are expected to see greater stability, expanded services and continued regional investment following the announcement that Butterfield Bank has entered into a definitive agreement to acquire CIBC Caribbean Bank Limited in a transaction valued at approximately US$1.8 billion.
Chief Executive Officer of CIBC Caribbean Mark St. Hill also underscored the importance of employees and communities in the transition.
“For our clients, employees and communities, this combination brings together two organisations with shared values and a common focus on relationship banking, innovating and community impact,” St. Hill stated.
Importantly for workers and staff throughout the region, Butterfield emphasized continuity for employees and customers, while also highlighting opportunities for growth through expanded services, investments in technology and digital banking, and stronger cross-border banking capabilities.
Butterfield Chairman and Chief Executive Officer Michael Collins described the transaction as a strategic move that would benefit stakeholders across the Caribbean.
“This deal combines two storied and complementary banks, with significant local scale advantages and time-honoured customer relationships in their respective core jurisdictions,” Collins said, while noting that he looked forward to welcoming “talented new colleagues and valued clients.”
The agreement will see Butterfield acquire CIBC’s 91.7 percent interest in CIBC Caribbean, bringing together two long-established banking institutions with operations across the Caribbean region, including the British Virgin Islands where CIBC Caribbean currently operates.
Butterfield said the combined organisation is expected to create a stronger regional banking and wealth management platform with approximately US$29 billion in assets, while maintaining both companies’ operational footprints, including CIBC Caribbean’s regional headquarters in Barbados.
The transaction is expected to close in the first half of 2027, pending shareholder and regulatory approvals.
Under the agreement, Butterfield will also pursue full ownership of CIBC Caribbean through a mandatory takeover bid for the remaining minority shares. Following completion of the transaction, CIBC is expected to retain an approximately 22 percent stake in the combined entity.
Chief Executive Officer of CIBC Caribbean Mark St. Hill also underscored the importance of employees and communities in the transition.
“For our clients, employees and communities, this combination brings together two organisations with shared values and a common focus on relationship banking, innovating and community impact,” St. Hill stated.
Importantly for workers and staff throughout the region, Butterfield emphasized continuity for employees and customers, while also highlighting opportunities for growth through expanded services, investments in technology and digital banking, and stronger cross-border banking capabilities.
Butterfield Chairman and Chief Executive Officer Michael Collins described the transaction as a strategic move that would benefit stakeholders across the Caribbean.
“This deal combines two storied and complementary banks, with significant local scale advantages and time-honoured customer relationships in their respective core jurisdictions,” Collins said, while noting that he looked forward to welcoming “talented new colleagues and valued clients.”
The agreement will see Butterfield acquire CIBC’s 91.7 percent interest in CIBC Caribbean, bringing together two long-established banking institutions with operations across the Caribbean region, including the British Virgin Islands where CIBC Caribbean currently operates.
Butterfield said the combined organisation is expected to create a stronger regional banking and wealth management platform with approximately US$29 billion in assets, while maintaining both companies’ operational footprints, including CIBC Caribbean’s regional headquarters in Barbados.
The transaction is expected to close in the first half of 2027, pending shareholder and regulatory approvals.
Under the agreement, Butterfield will also pursue full ownership of CIBC Caribbean through a mandatory takeover bid for the remaining minority shares. Following completion of the transaction, CIBC is expected to retain an approximately 22 percent stake in the combined entity.
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