The Bank of NT Butterfield & Son Limited is set to acquire control of CIBC Caribbean Bank Limited in a US$1.8 billion deal expected to create a regional banking and wealth management group with approximately US$29 billion in assets.

The acquisition, announced Thursday, will see Butterfield acquire Canadian Imperial Bank of Commerce’s 91.7 per cent stake in CIBC Caribbean through a combination of cash and shares.

Butterfield said the transaction would strengthen cross-border banking services, improve payment processing capabilities, expand merchant and consumer banking offerings, and support further investments in digital banking infrastructure across the Caribbean.