ST. JOHN’S, Antigua, Jun 2, CMC – The Antigua and Barbuda government says it will approve the decision of the Bermuda-based Butterfield Bank to acquire CIBC Caribbean, hinting also that it intends to make representation for local banks to participate in the process.
Prime Minister Gaston Browne said that ACB Caribbean has shown interest in the venture and has already approached his administration on the matter.
“ACB would have come to see me, they have indicated they have an interest. If CIBC and Butterfield are willing to cooperate, they are willing to be part of this ownership,” said Browne, who is also the Minister of Finance and Corporate Governance,
Last week, Butterfield Bank announced the multi-billion dollar agreement to acquire CIBC Caribbean, significantly expanding its presence across the region and creating what the institutions describe as the largest independent bank serving island economies.
The Barbados-based CIBC Caribbean has operations in 10 Caribbean countries. It is the regional subsidiary of the Canadian Imperial Bank of Commerce (CIBC). Under the agreement, Butterfield will pay US$1.09 billion in cash and approximately US$703 million in Butterfield shares, valuing the transaction at US$1.794 billion, or US$1.14 per CIBC Caribbean share.
Upon completion of the transaction, expected in the first half of 2027, CIBC will retain an estimated 22 per cent ownership stake in the combined entity and will initially have the right to appoint two directors to Butterfield’s board.
Browne said that the CIBC agreement is more of a merger rather than a sale, which does not require him to press for local banks to be granted first right of refusal.
“If they were just selling the branch as a discrete entity, we’d tell them to sell local. But it is structured differently. Notwithstanding, we’re still looking for the carve out,” he said, stressing the importance of domestic ownership and pointing to his administration’s successes in the areas of banking, real estate, the hospitality sector, and state-owned companies to include West Indies Oil Company Limited, and State Insurance Company Limited.
But Browne also believes that there must be room for international businesses and their expanded services, specifically within the banking sector, “beyond what our domestic banks offer”.
Prime Minister Browne has also disclosed that he has been assured that there will be no loss of jobs locally as a result of the new business venture.
CMC/ah/ir/2026