Butterfield Bank has announced an agreement to acquire control of CIBC Caribbean Bank Limited in a transaction valued at 1.8 billion dollars.

According to a press release, Butterfield has entered into a definitive agreement to acquire CIBC’s 91.7% interest in CIBC Caribbean Bank Limited, a relationship bank with a longstanding history of serving communities across the Caribbean and approximately 29 billion dollars in assets.

Butterfield Chairman and Chief Executive Officer, Michael Collins, said the bank is looking forward to the opportunities ahead.