The Bank of N.T. Butterfield & Son Limited has agreed to buy the CIBC Caribbean Bank Limited, creating one of the Caribbean's largest banking groups with roughly US$29 billion in combined assets.

The deal will buy out Canadian Imperial Bank of Commerce's controlling stake in CIBC Caribbean — the public currently holds the remainder. It’s the third attempt by CIBC to reduce its Caribbean exposure in roughly seven years.

The deal combines the Bermuda-based Butterfield group — which also operates in The Bahamas, Cayman Islands, the Channel Islands, UK, Switzerland, and Singapore — with the Barbados-headquartered CIBC Caribbean that serves over 526,000 customers across 10 countries. The transaction is expected to close in the first half of 2027.