Butterfield shareholders greenlight CIBC Caribbean deal

The Bank of N T Butterfield & Son Limited, which trades as NTB, moved one step closer to acquiring majority control of CIBC Caribbean Bank Limited as its shareholders approved the issuance of new shares in connection with the US$1.8-billion deal.

Butterfield shareholders approved all four resolutions on the agenda for its virtual annual general meeting (AGM) held on Friday, clearing the way for the Bermudan bank to move forward to the next stages of the transaction.

Butterfield intends to raise US$700 million in tier two subordinated debt as it looks to further capitalise on the combined banking group. Its previous disclosures noted that it had obtained commitments for this financing.