Butterfield advances CIBC acquisition

THE Bank of N.T. Butterfield & Son Limited has submitted all the required regulatory applications to advance its US$1.8-billion acquisition of CIBC Caribbean Bank Limited which it expects to complete in the first half of 2027.

The Bermudan based bank announced in May that it was seeking to acquire CIBC Caribbean and expand its footprint to several new markets, including Jamaica. It has since received shareholder approval to issue new ordinary shares, submitted its regulatory applications and is preparing for a US$700 million debt issuance.

“Turning to the acquisition of CIBC Caribbean, the transaction remains on track with regulatory approvals, financing activities, and integration planning progressing as expected. During the quarter, we received shareholder approval for the acquisition and submitted the required regulatory applications,” said Bri Hidalgo, Butterfield chief risk officer, during its earnings call recently.