CIBC in the $1.8 billion sale of CIBC Caribbean Bank to The Bank of N.T. Butterfield & Son

On May 27, 2026, The Bank of N.T. Butterfield & Son Limited (NYSE: NTB | BSX: NTB.BH) entered into a definitive agreement with CIBC (TSX: CM | NYSE: CM) to acquire CIBC’s 91.7% interest in CIBC Caribbean Bank Limited, a relationship bank with a longstanding history serving communities across the 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. 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 $1,794 million. The transaction will create a leading banking and wealth management platform in international financial centers and attractive Caribbean markets, with approximately $29 billion in assets. Following the closing, CIBC will own an approximately 22% stake in the combined entity and will have the right to appoint two directors to the board of directors pursuant to a shareholder agreement.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to CIBC.