he Bermuda-based Butterfield Bank has announced a landmark US$1.8 billion 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.
CIBC Caribbean, headquartered in Barbados and operating in 10 Caribbean countries, 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.
(Details in Business section)
CMC/2026