CIBC to sell CIBC Caribbean in US$1.8 billion transaction

On May 28, 2026, Canadian Imperial Bank of Commerce (“CIBC”) entered into a definitive agreement with The Bank of N.T. Butterfield & Son Limited (“Butterfield”) in which Butterfield will acquire CIBC’s 91.7% interest in CIBC Caribbean Bank Limited (“CIBC Caribbean”). The total consideration to be paid for CIBC Caribbean will be comprised of US$1,091 million in cash and US$703 million in Butterfield shares, for an aggregate purchase price of US$1,794 million, or US$1.14 per CIBC Caribbean share.

Under the terms of the agreement, which has been unanimously approved by the Board of Directors of Butterfield, Butterfield will acquire CIBC Investments (Cayman) Limited, the holding company for CIBC’s interest in CIBC Caribbean. Butterfield will subsequently commence a mandatory take-over bid for the remaining 8.3% of total outstanding shares of CIBC Caribbean held by minority shareholders, with the objective of acquiring full ownership of CIBC Caribbean, subject to applicable law and regulatory requirements.

The transaction is expected to close in the first half of 2027, subject to receipt of Butterfield shareholder and regulatory approvals and the satisfaction of customary closing conditions. Following the transaction, Butterfield’s ordinary shares will continue to be listed on the New York Stock Exchange and the Bermuda Stock Exchange, and Butterfield intends to undertake additional secondary share listings on the Barbados Stock Exchange, the Bahamas International Securities Exchange, and the Trinidad & Tobago Stock Exchange, subject to local listing and regulatory requirements.

Following completion of the transaction, CIBC will own an approximately 22% stake in the resulting combined entity.

Further information can be found on Business Wire’s website.

CIBC Caribbean is a relationship bank offering a full range of market leading financial services through their Corporate Banking, Personal and Business Banking and Private Wealth segments. Located in ten (10) countries around the Caribbean, it provides banking services through approximately 2,700 employees in 41 branches and offices, with a representative office in Hong Kong that provides business development and relationship management for its fund administration business.

Butterfield is a full-service bank and wealth manager headquartered in Hamilton, Bermuda, providing services to clients from Bermuda, the Cayman Islands, Guernsey and Jersey, and The Bahamas, Switzerland, Singapore and the United Kingdom, where it offers specialized financial services.

CIBC is a leading North American financial institution with 15 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, it offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world.