The Bank of N.T. But­ter­field & Son Lim­it­ed has an­nounced an agree­ment to ac­quire CIBC’s 91.7 per cent in­ter­est in CIBC Caribbean Bank Lim­it­ed in a trans­ac­tion val­ued at US$1.794 bil­lion.

The deal will com­bine the two bank­ing and wealth man­age­ment com­pa­nies in­to an in­sti­tu­tion with ap­prox­i­mate­ly US$29 bil­lion in as­sets.

Ac­cord­ing to a joint re­lease is­sued to­day, the trans­ac­tion is ex­pect­ed to strength­en cor­po­rate, per­son­al and wealth man­age­ment ser­vices across the Caribbean and oth­er in­ter­na­tion­al fi­nan­cial cen­tres.